Further to our announcement dated 20 May 2021 regarding Global Investment Holdings’ initiation of the process to exercise its option to buy additional 40% of Istanbul Asset Management’s shares; Global Investment Holdings has completed such transaction following the receipt of regulatory approval of the Capital Markets Board of Turkey.

Through the exercise of the option, Global Investment Holdings acquired 5,673,600 shares, with a nominal value of 1 TL each, corresponding to 40% of the share capital of Istanbul Asset Management for a consideration of TL77,352,322, which has been fully paid in cash. Accordingly, Global Investment Holdings increased its stake in Istanbul Asset Management from 26.6% to 66.6%, becoming the largest shareholder; and hence paving the way for full consolidation. Meanwhile, existing managing partners’ (Hasan Turgay OZANER, Tufan DERİNER and Alpaslan ENSARİ) stake stands at 22.3% after the transaction.

Global Investment Holdings’ Chairman and CEO Mehmet Kutman stated, “I am very pleased that we have successfully completed this transaction and become the majority shareholder in such a robust company, in line with our strategy to grow in the non-bank financial services and asset management business. Istanbul Asset Management is the broadest asset management platform of Turkey with the current corporate investor base, market-leading position in alternative asset classes and foreign asset funds. Thanks to synergy created by the two companies over the years, Istanbul Asset Management managed to nearly double its AUM since the merger in September 2020, exceeding 11bn TL (6.4bn TL at the end of 2020), and becoming the largest native independent asset management company. I believe this company will continue to reach new heights, aiming to become the market leader in the future.”

Istanbul Asset Management’s Founding Partner Turgay Ozaner underlined that they act as a catalyst for the development of the sector and stated, “We had become Turkey’s largest native independent asset management company following the Istanbul Asset Management and Actus merger under Istanbul Asset Management. We have since then proven the added value of independent asset management companies with outperforming returns for our investors. Global Investment Holdings is a pioneering group in financial markets; and with the option GIH exercised, we believe we will further improve our successful track record.”

Istanbul Asset Management’s CEO Barış Hocaoğlu emphasized that they introduced new funds after the merger and said, “With TwoZero Venture Capital Fund we recently founded; we are investing in sports, media, and entertainment sectors, which attract attention due to successful exits. We are targeting to become a regional player with this fund. I believe GIH’s global market experience will be reflected on Istanbul Asset Management as well, and this will enable us to reach our targets sooner.”

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