Premier Miton Group plc (“Premier Miton”) is pleased to announce the acquisition of Tellworth Investments LLP (“Tellworth”), a leading UK equity boutique with assets under management (“AuM”) of £559m as of 30th September 2023. Tellworth, which offers both long/short and long only strategies to wholesale and institutional clients, was established in 2017 by Paul Marriage and John Warren, with the support of a minority shareholder, BennBridge Hold Co Ltd.
The acquisition is in line with Premier Miton’s stated inorganic strategy, of buying complementary asset management platforms with industry expertise and product diversification as part of a wider commitment to continue to invest in growth opportunities.
The acquisition expands Premier Miton’s offering into liquid alternatives with the addition of long/short strategies and further strengthens Premier Miton’s existing UK equity franchise. The business also offers strategies with potential for institutional distribution, building on Premier Miton’s developing presence in that market. Tellworth’s core investment team, including co-founders Paul Marriage and John Warren, will move across to Premier Miton, bringing with them long track records of working in UK equities with established industry reputations and strong networks of contacts. The acquisition adds an investment team which is delivering good, consistent investment performance across its strategies giving scope for significant asset growth when supported by Premier Miton’s well-resourced distribution team.
The acquisition is subject to customary approval by the Financial Conduct Authority and is expected to complete in early 2024. The Tellworth business will transition onto the Premier Miton platform in the second half of 2024.
Mike O’Shea, Chief Executive Officer of Premier Miton, commented:
“We continue to explore inorganic opportunities alongside our clear organic growth strategy, and are pleased to announce this new acquisition, which we believe is complementary to our existing business and further strengthens our longer-term growth plans. We will now be able to offer our clients access to an even broader range of UK equity investment solutions, bringing the specific proven experience and expertise of Paul and John, to work alongside our own specialist UK investment team; the team have proven track records of delivering good investment outcomes for investors.
“In addition, Tellworth’s existing presence in the institutional market will further strengthen our distribution strategy as we look to grow our footprint in this market.
“We continue to enhance our existing investment capabilities, which included launching a new Emerging Markets Sustainable Fund earlier this year, and we are delighted to be welcoming the Tellworth team to Premier Miton, to help grow our business across different client channels and offer a range of high performing, differentiated products.”
Helme Harrison, Chief Executive Officer of Tellworth, commented:
“We are really excited to join the Premier Miton team. We see a strong cultural fit with Premier Miton’s highly regarded and well-respected investment managers, who share our passion for investment excellence and delivering superior long-term client outcomes. Premier Miton recognises the value of both our brand and our longstanding expertise in uncovering mispriced opportunities within the underappreciated UK market.”