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RECM and Counterpoint Asset Management have announced that the two businesses will be merging in 2020. The rationale behind the transaction is to build a stronger and more scalable business in an industry facing increasing regulatory and margin pressures.
The transaction is still subject to regulatory approval and is only expected to be finalised in March, but the two businesses have agreed, in principal, that the RECM brand will cease to exist and that the consolidated business will trade under the Counterpoint brand going forward. The combined investment team will be led by Counterpoint’s current CIO, Sam Houlie, while RECM’s current CIO, Piet Viljoen, will focus primarily on investments as a portfolio manager. Importantly, overlapping funds are expected to be amalgamated in the months following the completion of the transaction.
The transaction itself will see RECM and a third-party shareholder, Merchant West Holdings, acquire a joint controlling stake in Counterpoint. Merchant West Holdings is a Sandton based financial services business specialising in corporate finance.
We will keep you updated on any progress on the transaction and as more details are released around the future of the RECM funds we have under coverage.
RECM merges with Counterpoint Asset Management
10 Jan 2020