Business
Fund Business Progress,Senior Team Expand/Realigns
Fund Business Progress,Senior Team Expand/Realigns.
About this update from Burford Capital Limited
[{"type":"text","content":"\n \nRNS Number : 4276Z Burford Capital 15 December 2017 \n\nThis announcement contains inside information.\n \n15 December 2017\n \n \nBURFORD CAPITAL UPDATES ON FUND BUSINESS PROGRESS\nAND ANNOUNCES EXPANSION AND REALIGNMENT OF SENIOR TEAM\n \n \nBurford Capital Limited (\"Burford\" or \"the Company\"), a leading global finance firm and investment management firm focused on law, today reports on the strong progress of its fund business at the one-year anniversary of its acquisition of Gerchen Keller Capital (\"GKC\") and announces changes in Burford's staffing and structure that position the business to meet the continuing growth of the legal finance sector.\n \nBurford's fund business\n \nBurford announced the acquisition of GKC, the largest fund manager in the litigation finance sector, a year ago. That acquisition provided Burford with the ability to access private as well as public capital to meet the needs of its clients and broaden the sources of funding to finance its continuing growth.\n \nSuccessful acquisition\n \nThe acquisition has been a success. Burford rapidly integrated GKC and now operates the business as a single unified platform. GKC is now known as Burford Capital Investment Management LLC, which serves as the US Securities and Exchange Commission-registered investment manager for all Burford investment funds, including those raised by GKC.\n \nFully integrated\n \nBurford's industry-leading legal investment team, into which GKC's staff has been assimilated, now operates on a single cross-platform basis, reviewing all potential investments regardless of their source of capital and managing all ongoing investments. Burford uses a single Investment Committee to review all commitments of new capital to any strategy. \n \n$16 million in 2017 fund income already contributed\n \nFinancially, the funds business has contributed management fee income and early performance fee income. In 2017, we expect to earn approximately $13 million in management fees from the funds. In addition, we expect approximately $3 million in performance fees to be released in 2017, a figure larger and earlier than our original expectations. The performance to date of the funds business has exceeded our expectations at the point of acquisition.\n \nIn addition to ...