JOHIM is based in London and provides discretionary portfolio management for private clients, charities and institutions. It also offers in-house managed investment funds. Its Head Office is in St James's in London and it has over 100 employees including 25 portfolio managers who have been with the business for a number of years.

As at December 31, 2012 JOHIM had Assets under Management of approximately £3.6 billion and assets under control of approximately £4.8 billion.

Bermuda National Limited is a Bermuda listed financial services holding company created to own financial institutions, including banks and investment advisory businesses. Its major investor is Utilico, a UK-listed international investment group with a diversified portfolio of businesses.

BNL intends to retain JOHIM's management team, the client relationship focus and its investment process. JOHIM says that the acquisition allows JOHIM's existing management continued autonomy in managing its business and the opportunity for the management and staff of JOHIM to become shareholders alongside BNL.

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Hugh Grootenhuis, chief executive of JOHIM, said: "We are very excited about the future and welcome BNL as our new majority shareholder who offers opportunities for us to continue to grow the business, including in areas where we would otherwise not have direct access, such as in emerging markets, where for example Utilico has significant investments. The change of ownership has been made with our clients' interests uppermost in our minds to ensure the right deal both for our clients and for all the staff at JOHIM. There are no plans to change our people, business model or investment process.

"We have enjoyed a successful relationship with Credit Suisse over the last twelve years, and will continue to work with Credit Suisse and to manage portfolios for their clients in the future."

Warren McLeland,  chairman of BNL, said: "The proposed acquisition of JOHIM is a significant step for BNL. Not only being its first major acquisition since the restructuring in October 2012, but also because BNL is acquiring a well-known UK private wealth asset manager with a strong track record."

Phil Cutts, chief executive of Credit Suisse UK, said: "As an independent subsidiary, JOHIM has delivered real value to our clients through the duration of our 12 year partnership and we look forward to collaborating with them in the future. The UK continues to remain a key market for Credit Suisse."