Private equity and alternative asset manager Maven Capital Partners has acquired Fundamental Tracker Investment Management (FTIM) from City of London Group.
Financial terms of the transaction were not disclosed.
FTIM’s principal business is the Munro UK Dividend Fund, a passive tracker OEIC which will be renamed under the Maven brand in future.
Commenting on the deal, Maven managing partner Bill Nixon said, "This acquisition will enable us to offer investors access to a tracker fund with a clear edge over a typical passive fund."
"Whilst our core focus continues to be on the provision of private equity and mezzanine funding solutions, we have also expanded into other areas of asset management in order to broaden our product range."
Leveraging a modern dividend forecast model to determine asset allocations, the fund aims to track the returns of the largest shares in the UK stock market.
This strategy allows fund weightings to be based on business performance, instead of the price bias, to improve on the typical returns of conventional passive tracker funds.
The acquisition is part of Maven’s on-going strategy to boost its business ahead of private equity developing its asset management business, including the launch of a fund management division specializing in the management of quoted assets.
Founded in 2007, the fund will remain to be spearheaded by Rob Davies who has joined Maven as part of the acquisition.