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SPEAR’S PARTNER


Focused on the future


How TwinFocus’s forward-looking and agile approach helped one of its multi-family office clients to close a major transaction. By Harinder Hundle


WHAT IS a multi-family office (MFO) and what can its role as a trusted adviser entail? We know that the sector is not homogeneous, and reflects the unique needs of each underlying family, their own operational set-up, and their financial commitment to the MFO. The following case study from late 2020 is an example of a successfully executed transaction for one of our MFO clients. It illustrates that the modern day MFO – by positioning itself for the services that a client will require in coming years – should take a leading role in the areas that make the greatest financial difference. We provided a full corporate finance solution through our multi-single family office approach. One of the families of TwinFocus’s European business expressed a wish to undertake a strategic acquisition of a major UK insurance business. Whilst our client led on identifying the target, we arranged the debt financing, and spoke to the full spectrum of investment banks and alternative asset managers through our open architecture platform. After securing a £120 million debt facility


from a market-leading global institution, regulatory feedback from the Prudential Regulation Authority (PRA) meant we were provided the opportunity to become a principal equity investor in the target business. Most importantly for us, it enabled us to support our family client to close the transaction. In order to secure the equity


investment, we created a bespoke fund structure to raise an additional £25 million of equity both from our other existing family clients and new institutional clients. This involved navigating complex legal, tax and regulatory issues, closely liaising with the PRA, as well as being actively involved in the recruitment and appointment of the new board of directors for the post-acquisition target structure. After 18 months of various work streams, we gained PRA approval to become a controller of the major UK insurance business. The complexity of the PRA approval process and ongoing PRA regulatory oversight cannot be underestimated: it is another milestone in our business and a testament to both our


institutional approach and long-term capital from families. As a consequence of this


transaction, there has been a substantial increase in the UK market share of our client, which will create a major uplift in the value for their core business. In addition, TwinFocus has also had the opportunity to apply its sophisticated investment management approach to the insurance pool of assets – over £500 million in assets under management. At the time of writing, this is being considered by the insurance company. We are very proud of this mandate. Our team has excelled in applying a forward-thinking and nimble approach to meet our client’s needs. We have worked alongside very well-respected institutional partners to find solutions and, in the process, have developed the trust and mutual respect that opens the opportunity for further transactions in the future. The family office sector is ever


developing. The case study above is a clear illustration of this and the type of work we will be engaged in. Web twinfocus.com


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