Hiscox arm undergoes MBO
Hiscox has agreed to sell its third party fund management arm, Hiscox Investment Management, to the principals, creating an independent investment management company. Hiscox will have a 40% shareholding in the company, with management holding the remainder.
The buyout is due to complete on 31 December 2007. The gross assets of Hiscox Investment Management at the closing of the transaction are expected to be approximately £2m.
On completion Hiscox
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