UK: Guinness family doubles fund's assets
Four senior members of the Guinness family have bought a stake in the British hedge fund Arundel Partners after disbanding their family office, The Telegraph posted June 21.
The four, who are expected to be joined within weeks by the head of the family, the fourth Earl of Iveagh, are direct descendents of Arthur Guinness, the founder of Guinness Breweries.
They are believed to have acquired around 30pc of the fund of hedge funds manager in a cash-and-equity deal worth approximately US$10m (£5.44m). They are also understood to have invested around US$250m of their personal wealth as the cornerstone of a new group wealth management division.
The investment doubles Arundel Partners' total assets under management to US$500m.
The Iveagh Trust, the Guinness family office named after the Earl's Northern Irish seat, was wound down this year after disagreements over investment decisions. When it closed, the trust controlled the fortunes of more than 100 family members, many of whom have built their own riches in business.
The Earl of Iveagh, Edward Guinness, and his family were placed 74th in the 2006 Sunday Times Rich List, which calculated their combined wealth at £760m. Their only remaining involvement in the brewing business is believed to be a £255m stake in Diageo, the drinks company, which owns the Guinness brewery.
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