NEW YORK, NY—March 21, 2011
– Brookfield Investment Management (UK) Limited, an investment manager authorized and regulated by the Financial Services Authority (FSA) of the United Kingdom, today announced it has acquired the European high yield fund management business of Pall Mall Investment Management Limited (Pall Mall).
Pall Mall is authorized and regulated by the FSA as an investment manager, and a specialized asset manager in risk overlay (Risk@Work®) and quantitative strategies with approximately US$2 billion in assets under management for institutional investors. Pall Mall operates in London and Germany and was founded in 1998.
The acquisition encompasses Pall Mall’s high yield business, which manages corporate high yield securities on behalf of a number of institutional clients and German financial institutions. This includes the flagship fund, the US$305 million PALLMALL Funds ICVC (which has been renamed Brookfield Funds ICVC). With an 11-year track record, the Pall Mall High Yield Europe Plus Fund, a sub-fund of PALLMALL Funds ICVC, currently has a five-star Morningstar ranking and is rated AA by Standard & Poor’s Fund Services. The team of five investment professionals joining Brookfield Investment Management (UK) Limited is led by Mr. Curt Schibli and Mr. Jonathan Goble, with 23 years and 27 years of investment experience, respectively.
Brookfield Investment Management (UK) Limited is a wholly owned subsidiary of Brookfield Investment Management Inc. (Brookfield Investment Management). Brookfield Investment Management is a global investment manager focused on specialized equity and fixed income securities investments. Brookfield Investment Management is a subsidiary of Brookfield Asset Management Inc., a leading global asset manager with over $100 billion in assets under management as of December 31, 2010 and over 100 years of experience in the property, power and infrastructure industries.
Brookfield Investment Management and its affiliates have approximately $23 billion in assets under management. The firm is headquartered in New York and maintains offices and investment teams in Boston, Chicago, London, Hong Kong, Sydney and Toronto.
Mr. Kim Redding, the CEO of Brookfield Investment Management, said, “We are excited to announce the addition of the Pall Mall high yield team to the Brookfield Investment Management platform. This acquisition represents a strategic opportunity to extend our existing high yield business into a global asset class. Exploiting the expected growth of the global high yield bond market is a key priority for Brookfield Investment Management and the integration of Pall Mall’s high yield business is a significant part of that effort. We share a common approach to high yield investing and believe the Pall Mall team is an excellent cultural fit with our firm.
The current investment team has built a strong performance track record over the last 11 years and we look forward to future success with the Pall Mall high yield team as a part of Brookfield Investment Management,” said Mr. Redding.
Pall Mall CEO, Mr. Holger Pastel, said, “Brookfield Investment Management is a perfect home base for Pall Mall’s high yield team. The combination of both teams opens up a lot of new opportunities. The sale of our high yield product was a strategic decision.”
For more information, please visit www.brookfieldim.com
Ms. Alice Olive
+1 (212) 549 8457