Boutique discretionary fund management firm Creechurch Capital has been acquired by Chancery Capital Holdings (IOM), International Adviser can reveal.
The firm made headlines in August 2018 when it was involved in a wrongful dismissal suit. It was ordered to make a record pay out to the individual, but IA understands this may have been reduced on appeal in January 2019.
Chancery allowed the previous management to deal with the situation, after which it entered with the full approval of the Isle of Man regulator.
Jaya Nayyer, a member of the family behind Chancery, told IA: “That claim is satisfied now, so we can move forward with productivity and positivity.”
She added that “Creechuch is a good name in the discretionary fund management industry and an excellent fit for our business”.
The rigorous compliance and due diligence processes undertaken by Chancery ahead of the acquisition laid to rest any concerns about the firm.
“Integrity is very important to us,” she said. “We have had acquisition opportunities that we have turned down because they have not met our internal, stringent requirements.”
Family affair
Members of the Nayyer family own Chancery and are also shareholders of UK firm Brookfield Partners, which owns investment management firm Facet.
While the businesses are entirely separate, Jaya Nayyer said the aim is to replicate the success of Facet with the Isle of Man firm.
To that end, two directors of Facet have left the company to join Creechurch.
Jim Dolan, chartered wealth manager, has joined as a director. He brings with him 25 years’ experience in the City of London. His role is to manage the investment portfolios.
He is joined by Chris Hutton ACA MBE, who has been appointed finance director and chairman of Creechurch.
Both have been notified to the Isle of Man Financial Services Authority and took control of Creechurch on 5 March 2019.
The terms of the deal were not disclosed.
Nayyer family
The Nayyar Group describes itself as a ‘leading specialist in various services including property management and development, land development, distressed assets and retail services’.
It owns businesses in the UK, Europe and Asia.
Chairman Pankaj Nayyar is co-sponsor of his grandmother’s charity fund, Loomba Trust, which boasts Cheri Blair as its president and Sir Richard Branson as a chief patron. The charity funds the education of 5,000 children of widows of the armed forces in India.
Jaya Nayyer is chief human resources officer of the group.
