Business
Gresham House acquires ReSI's Fund Manager Group
Gresham House acquires ReSI's Fund Manager Group.
About this update from Residential Secure Income Plc
[{"type":"text","content":"\n \n \n RNS Number : 0575F\n Residential Secure Income PLC\n 05 March 2020\n \n \n \n \n 5 March 2020\n \n \n \n \n \n Residential Secure Income plc \n \n \n \n \n \n Gresham House acquires ReSI plc's Fund Manager Group\n \n \n \n \n \n Gresham House to acquire ReSI Capital Management Limited and its parent company TradeRisks Limited\n \n \n \n \n \n Residential Secure Income plc (\"ReSI\") (LSE: RESI), which invests in affordable shared ownership, retirement and \n L\n ocal \n A\n uthority housing,announces that TradeRisks Limited (\"TradeRisks\"), the parent company of ReSI's \n Fund\n Manager, \n Residential Capital Management Limited (\"RCM\"), \n has been acquired by Gresham House\n plc\n , the specialist alternative asset management business\n which is\n listed on the London Stock Exchange \n and has\n £2.\n 8 billion\n of assets under management. Under the terms of the acquisition\n , \n RCMwill continue as the alternative investment fund manager of ReSI, with the day-to-day operations and strategic direction\n remaining unchanged under the current team\n . \n \n \n \n \n \n ReSI also announces that Jon Slater, the current Chief Executive of RCM, \n will retire, following his move to live overseas in 2018\n . Alex Pilato, the \n founder\n and Chief Executive of TradeRisks who has been closely involved in all aspects of ReSI\n 's\n business since before the IPO in 2017\n will take over his role\n . He will also assume overall leadership of the newly\n -\n formed\n combined Housing Division at Gresham \n House. \n RCM's Investment Management continues to be led by Ben Fry, with Mark Rogers and Pete Redman leading the origination and housing management teams respectively. \n All 23 TradeRisks\n /RCM\n employees, comprising 19 investment and corporate finance professionals, and four in support functions, will join Gresham House's Real Assets division. \n \n \n \n \n \n \n Alex Pilato, Chief Executive of TradeRisks, commented:\n \n \"This is a positive development for ReSI shareholders. RCM will benefit from Gresham House's robust central platform that includes distribution, investor relations, compliance, reporting and risk capabilities. This will \n free up the team allowing it to focus on origination, delivering full occupancy on our shared ownership portfolio a...