The Capital International Group has announced that it has completed an agreement to acquire the entire share capital of CMI Fund Managers (IOM) Limited (CMIFM) which acts as manager to the CMI High Income Fund Plc and the CMI Sterling Roll-Up Fund Plc (the Funds). CMIFM has acted as Manager of the Funds, which are Isle of Man Authorised Collective Investment Schemes, since inception.  The transaction was subject to regulatory approval by the Isle of Man Financial Supervision Commission and completed on 1st June 2015.

Collectively the Funds have net assets of circa ?75m and a shareholder base of circa 1,500.  Aberdeen Asset Management Limited acts as Investment Manager to the Funds and Capita Trust Company (Jersey) Limited has been appointed as Fiduciary Custodian. CMIFM has changed its name to Capital International Fund Managers Limited and it is expected that the Funds will seek approval for a change of name later in the year.

The Capital International Group specialises in the provision of financial services including Investment Management, Stockbroking, Custody & Administration, Treasury Management and Investment Structuring services. The Group has been built on the guiding principles of Innovation, Integrity, and Excellence to deliver the highest quality customer solutions.  Founded in 1996 the Group is now responsible for client assets in excess of $4.5 billion serviced from offices in the Isle of Man and South Africa.

Group Chief Executive, Anthony Long said:

‘I am delighted that we have been able to conclude this transaction to acquire CMIFM, as the business complements our existing Fund Services activities in the Isle of Man, which has historically focused on ‘unregulated’ schemes. The move into ‘regulated’ Authorised Schemes is important for us as a Group as we continue to expand and seek new opportunities both in the Isle of Man and internationally.

We look forward to building on the excellent reputation and standing of CMIFM, which is one of the Island’s oldest fund managers. We plan to re-open the Funds to new business later in the year and will be introducing a number of new customer experiences, including greater on-line access for shareholders.’