Goshawk Asset Management, the global equity boutique launched by Alex Illingworth and Harwood Capital Management, has announced its first deal with the acquisition of Vermeer Investment Management.
Goshawk was founded last year after Illingworth left Artemis, where he co-managed the Mid Wynd International Investment Trust and the Artemis Global Select Fund.
Vermeer Investment Management Limited was set up in 2014, with the Vermeer Global Fund launched in December 2016 and domiciled in Dublin. The fund is top-quartile since launch, having delivered 136.9 per cent against the IA Global Sector average of 103.6 per cent.
The GBP60.8 million fund is managed by Vermeer founders Tim Gregory and James Rowsell as well as Charlie Fricker. All three have now joined Goshawk. The fund is expected to be renamed the “Goshawk Global Fund”.
The private client investment management business of Vermeer Investment Management Limited, trading as Vermeer Partners, is not part of the acquisition. It will continue to operate independently.
Illingworth, who will join the management team on the fund, says: “The Vermeer performance has been outstanding since inception, and Tim, James and Charlie are an ideal fit for us, since we share very similar investment mindsets.
“We’re all focused on buying great companies yet being diligent about valuation. The team benefits from an average of 30 years’ investment experience.
“We’re creating the capability and the relationships to manage a number of global equity mandates, and the Vermeer Global Fund benefits from already being available on many of the major retail platforms.”
Gregory said: “Alex has a strong track record in building assets under management and delivering strong investment performance. We see this move as an opportunity to build on eight years of success, to bring depth to the team and to reach a bigger audience.”
The firm writes that as part of the Harwood Capital Management group, Goshawk has access to an established business and infrastructure to support its further growth.
Drawing on this backing, it has also partnered with HANetf to build an active ETF strategy, led by Illingworth.
Its Global Balanced Fund UCITS ETF (ROE LN) – available on exchanges now – uses a similar methodology to the Goshawk Global Fund but aims to offer lower volatility and increased downside protection.
Illingworth says: “It’s exciting to be entering the growing active ETF market, combining active management with the convenience and cost-effectiveness of ETFs to deliver Goshawk strategies to fund and ETF investors alike.”
