The end-game for these relatively smaller investment management companies is to sell out at some point. Over the course of nearly 10 years, they built assets under management to $2.6B. I'm speculating that Barings paid 1.8% of AUM for the business, so $47m. Given the age of the principals of Gryphon, and the fact that they are unlikely to do any new capital raises in the near term (given market conditions/sentiment), they probably realised that it's a good time to crystalize their good work/fortune. The announcement says that they'll be sticking around to manage GCI, which is probably true. However, on balance, you'd have to figure they'll be looking to retire/move on at some point sooner than would have been otherwise the case (I could be wrong, but the market is leaning that way).
Ideally, it would be more obvious who is in charge, behind Steve Fleming and Ashley Burtenshaw.
GCI Price at posting:
$1.96 Sentiment: None Disclosure: Not Held
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