Mercury Asset Management
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Mercury Asset Management plc was a leading
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investment management Investment management (sometimes referred to more generally as financial asset management) is the professional asset management of various Security (finance), securities, including shareholdings, Bond (finance), bonds, and other assets, such as r ...
business. It was listed on the
London Stock Exchange The London Stock Exchange (LSE) is a stock exchange based in London, England. the total market value of all companies trading on the LSE stood at US$3.42 trillion. Its current premises are situated in Paternoster Square close to St Paul's Cath ...
and was a constituent of the
FTSE 100 Index The Financial Times Stock Exchange 100 Index, also called the FTSE 100 Index, FTSE 100, FTSE, or, informally, the "Footsie" , is the United Kingdom's best-known stock market index of the 100 most highly capitalised blue chips listed on ...
.


History

The Company was established in 1969 when S. G. Warburg & Co., the investment bank, won an investment management contract and set up ''Warburg Investment Management'' to execute it. In 1987 25% of the business was floated on the
London Stock Exchange The London Stock Exchange (LSE) is a stock exchange based in London, England. the total market value of all companies trading on the LSE stood at US$3.42 trillion. Its current premises are situated in Paternoster Square close to St Paul's Cath ...
as ''Mercury Asset Management''. Carol Galley, one of its leading managers, was credited with facilitating the takeovers by
Granada Granada ( ; ) is the capital city of the province of Granada, in the autonomous communities of Spain, autonomous community of Andalusia, Spain. Granada is located at the foot of the Sierra Nevada (Spain), Sierra Nevada mountains, at the confluence ...
of both
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in 1994 and
Forte Group Forte Group plc was a British hotel and restaurant company. It was listed on the London Stock Exchange and was a constituent of the FTSE 100 Index The Financial Times Stock Exchange 100 Index, also called the FTSE 100 Index, FTSE 100, F ...
in 1996. At its peak more than half the companies on the
FTSE 100 The Financial Times Stock Exchange 100 Index, also called the FTSE 100 Index, FTSE 100, FTSE, or, informally, the "Footsie" , is the United Kingdom's best-known stock market index of the 100 most market capitalisation, highly capitalised ...
used Mercury Asset Management for investment management purposes. In 1995 the Company achieved full independence when S. G. Warburg & Co. sold its investment banking business to
Swiss Bank Corporation Swiss Bank Corporation (French language, French: ''Société de banque suisse''; German language, German: ''Schweizerischer Bankverein'') was a Swiss Investment banking, investment bank and financial services company located in Switzerland. Prio ...
; through a
scheme of arrangement Scheme or schemer may refer to: Arts and entertainment * '' The Scheme'', a BBC Scotland documentary TV series * The Scheme (band), an English pop band * ''The Scheme'', an action role-playing video game for the PC-8801, made by Quest Corporatio ...
the residue of S. G. Warburg & Co. became a subsidiary of Mercury Asset Management and S. G. Warburg & Co. shareholders become shareholders in Mercury Asset Management. The Company was acquired by
Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated, doing business as Merrill, and previously branded Merrill Lynch, is an American investment management and wealth management division of Bank of America. Along with BofA Securities, the investm ...
for £3.1bn in 1997. Mercury was rebranded Merrill Lynch Investment Managers (MLIM), which in turn was acquired by
BlackRock BlackRock, Inc. is an American Multinational corporation, multinational investment company. Founded in 1988, initially as an enterprise risk management and fixed income institutional asset manager, BlackRock is the world's largest asset manager ...
in 2006.


Legacy

Five years after BlackRock’s 2006 acquisition of MLIM, one UK media report quoted a consultant as saying: "BlackRock is a big firm. But there is more than a trace of Mercury DNA running through it." This was particularly true in Europe where BlackRock’s business was headed until 2015 by James Charrington, who had joined Mercury in 1993. A number of investors who worked at Mercury Asset Management during the late 1980s and 1990s went on to occupy senior positions within the industry in the generation that followed. Nicola Horlick’s career in investment banking began at Mercury, when it was called Warburg. Before Paul Marshall established
Marshall Wace Marshall Wace LLP is a British hedge fund headquartered in London, England, founded by Paul Marshall and Ian Wace in 1997. Marshall serves as chairman and chief investment officer, and Wace as a chief executive officer & chief risk officer. The ...
he had worked for Mercury. In 2001, Peter Davies and Stuart Roden went on to establish a successful UK equity fund for Lansdowne Partners. The following year, Anne Richards left to join Edinburgh Fund Managers and onwards to
Aberdeen Asset Management Aberdeen Asset Management plc was an international investment management group, managing assets for both institutions and private investors from offices around the world. Its head office was in Aberdeen, Scotland. The company was listed on the ...
where she was CIO before becoming CEO at M&G Investments in 2014 and at CEO at Fidelity International in 2018. Andreas Utermann left Mercury/MLIM for Allianz, followed two years later by Elizabeth Corley; they co-headed
Allianz Global Investors Allianz Global Investors (commonly called AllianzGI or AGI), is a global investment management firm with offices in over 20 locations worldwide. It is owned by the global financial services group Allianz. Employing nearly 3,000, it manages over ...
as Global CIO and CEO respectively, from 2012 until 2016; Utermann continued as CEO until 2019. while Corley has joined a number of boards and led a government review on social
impact investing Impact investing refers to investments "made into companies, organizations, and funds with the intention to generate a measurable, beneficial social or environmental impact alongside a financial return". At its core, impact investing is about an a ...
. Saker Nusseibeh, the CEO of Hermes Investment Management, began his career at Mercury in 1987. While Carol Galley did not return to fund management following her departure from Mercury in 2001, Stephen Zimmerman her co-head did set up a boutique investment firm, NewSmith Capital Partners, in 2004 along with other former senior managers from Merrill Lynch ( Michael Marks, Paul Roy and Check Low, who had joined Merrill via the acquisition of Smith New Court).


References


Further reading

* Peter Stormonth Darling, ''The Life & Times of Mercury Asset Management'', Texere, 2000 {{Authority control Investment management companies of the United Kingdom Bank of America Merrill (company) Defunct companies based in London Financial services companies established in 1969 Companies disestablished in 1997 1969 establishments in England 1997 disestablishments in England Companies formerly listed on the London Stock Exchange Asset management companies