6 October 2006, DUBAI - Sovereign Global Investment is pleased to announce that it is to divide its investment business into two independent investment organisations: Orient Global and Legatum Capital. The de-merger is scheduled to take effect from 1 December 2006.
Sovereign Global Investment was founded in 1986 by New Zealand-born brothers Richard and Christopher Chandler. With the sustained growth of the organisation, it has been agreed to divide the business and create two independent investment organisations. This evolution is a natural consequence of the uncommon success Sovereign has enjoyed, and will facilitate the continued development of each of the founders' interests.
These arrangements will see Richard Chandler lead the development of Orient Global, with offices in Singapore, Dubai and London, while Christopher Chandler will provide strategic oversight for Legatum Capital and its affiliates with offices in London and Dubai. While both new firms will share the heritage of innovation, integrity and investment performance established by the Chandlers' collaborative twenty year partnership, they will be entirely separate and distinct organisations with no common ownership or control.
Richard Chandler commented, "Sovereign has been one of the pioneers in emerging markets investment over the past 20 years. Through our investments we have worked to build prosperous capital markets by promoting best practices for the benefit of the community, employees and shareholders alike. In responding to the challenges of scale as a result of our success, we believe the transition to two new investment entities will allow us to retain the creative entrepreneurial cultures which are so essential to achieving excellence in global investment. Accordingly, a division of the business at this time is a natural evolution which will provide ideal platforms for us to individually explore new investment themes."
Christopher Chandler added, "Our joint efforts at Sovereign have reflected a shared passion for effective capital allocation. As nimbler organisations, Orient Global and Legatum Capital will be able to continue this responsiveness to market opportunities, while simultaneously cultivating their own unique cultures and investment styles. Although we will now pursue our investment interests independently, our family bonds remain as warm and strong as ever. We are both looking forward to the next stage of developing our respective organisations with much optimism."
- ENDS -
