December

Canaccord Genuity advises shareholders of Pantheon Holdings Limited on its disposal to Russell Investment Group

On 17 December 2003 it was announced that the shareholders of Pantheon Holdings Limited ("Pantheon" or ("the Company") had agreed to sell the Company to Russell Investment Group, a global leader in multi-manager investment services. Financial terms of the transaction were not disclosed.

Pantheon is a leading independent global provider of private equity products and services, in particular the management of private equity fund of funds, and has over $7 billion of funds under management. Russell is a global investor services firm owned by Northwestern Mutual of the US and is a leader in global investment strategy, advising on $1.6 trillion of assets and managing $85 billion of multi-manager funds.

Canaccord Genuity began working with Pantheon in late 2002 by looking at the options for the business, valuing it and also reviewing a number of approaches that Pantheon had received from interested purchasers. Key to this process was balancing the needs of all the stakeholders in the business, namely clients, shareholders and employees, whilst preserving the culture of the business and its strong institutional relationships. We helped to design a structure to deliver value to the shareholders in the business, but also to incentivise key staff and manage generational change in the business moving forward.

After discussing Pantheon with a small number of potential buyers, it was clear that the best fit for the business was with Russell. Both companies share the same strategic vision for the private equity investment business, which is expected to grow rapidly over the next few years as the asset class becomes a larger part of institutional investment portfolios. Pantheon will become the 'centre of excellence' for private equity in the Russell Group, and Russell is folding its own private equity fund of fund business into Pantheon, which will continue to be managed by the Pantheon management team.

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