DAWNAY Day Milroy has rebranded as Corazon Capital Management. The investment firm has announced a management buyout, ending a five-year affiliation with Dawnay Day.
It had entered into a licensing agreement in 2002 to use the Dawnay Day name, although it remained wholly managed and owned from the Channel Islands.
Joint managing director Paul Meader (pictured) said the rebrand was nothing to do with further efforts to distance the firm from its former namesake, which has run into financial difficulties recently. ‘Our association with Dawnay Day lasted for five years and it was a very happy period. This was a great opportunity to broaden the management team.
‘There is nothing sinister going on. Now that we’re owned entirely by the management, it made sense to move forward with a new name.’
Some 50% of the former Dawnay Day Milroy was owned by its management and the other half by private shareholders and investors in the Channel Islands.
The buyout of the remaining shareholders is being led by Mr Meader and fellow MD Robert Milroy and is being funded by the management team.
Mr Meader said that the buyout would allow senior members of management to get more involved in the business at a higher level.
‘It’s a very positive thing to have broader involvement from people within the business who have been with us for a long time.
‘Other than that, it’s business as usual. We’re still doing absolute-return investment management and still doing it well.’
The company was set up by Robert Milroy in 1997 and has $1.2bn-worth of assets under management.
The firm is pushing ahead with its expansion plans, such as the forthcoming opening of a Geneva office, scheduled for the beginning of September.
Over the past 10 years, in addition to receiving a host of industry awards, the firm has delivered more than 10% per annum and generated positive returns every year across its private and institutional client base.
‘Corazon is Spanish for heart or passion,’ said Mr Meader.
‘In some ways, it sums up our feelings towards the business and is hopefully memorable.’
Article posted on 30th July, 2008 - 2.30pm
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