Giddy joins IML
Hugh Giddy from Cannae Capital has joined forces with the Investors Mutual (IML) investment team, it has been announced.
Giddy joins the firm as senior portfolio manager and head of research and will be responsible for the management and oversight of the research process and team management. Anton Tagliaferro will continue to be lead portfolio manager for IML’s funds.
Under the new venture, Cannae will take on the sub-advisory role in the exclusive management of funds for IML and institutional clients and will change its name to be more closely aligned with IML. It will no longer seek business under the Cannae brand. A new name will be announced in due course.
In addition to the partnership, an equity structure is being completed to allow the investment teams of both Cannae and IML to participate in the growth of assets under management through this sub-advisory arrangement with Cannae. The investment team members will hold 60 per cent in the Cannae business and 40 per cent in the Treasury Group and the current debt held by Treasury Group in Cannae will be converted into equity. Treasury Group will also hold a 40 per cent stake in the investment business managing IML funds and 47.5 per cent in the existing IML business.
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