Billionaire Ernesto Bertarelli’s new asset manager, Northill Capital, is set to complete its first deal from a potential $1 billion war chest, according to a report in Financial News.
John Little, who joined Northill last year after being vice-chairman of asset management company BNY Mellon, told Financial News: “Northill has $1bn from the family to deploy, in seed capital or equity capital. That is a target, it could be more, it could be less.”
Northill is a part of Bertarelli’s family office Kedge Capital, which specialises in building a portfolio of asset management companies, combining full-scale acquisitions and staring new funds. The Jersey-based company manages the Bertarelli family trust which is worth around $15 billion, say reports.
The family’s fortune hails from the pharmaceutical company Serono, which Bertarelli’s grandfather founded in 1906. It became Europe’s biggest biotech company and Bertarelli (pictured) took over as chief executive in 1996, eventually selling it for more than $13 billion in 2007 to Merck in Germany.
Bertarelli is estimated to have a fortune of around $10 billion, being ranked as the 64th wealthiest individual in the world by Forbes in 2010.
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