Braemar boss buys back funds
MARC Duschenes, the former chief executive of Braemar Group who sold the business to fund manager Brooks McDonald in a £4m deal last year, has bought back a portfolio of 10 of its UK funds for an undisclosed sum.
The funds, which have assets of around £25m, are all closed-end property funds. They have been purchased through an Altrincham-based vehicle established by Duschenes a few years ago known as Bayfield Capital.
Duschenes has also now left Brooks McDonald in order to spend his time running these funds and develop other asset management products.
“We achieved an awful lot at Braemar and I’m very proud of that,” he told TheBusinessDesk.com. “I’m not the first CEO to build something, sell it and buy a part of it back again.”
He added that the funds being acquired would serve as a “springboard” for building a wider fund management offer.
“There’s a certain familiarity with many of these funds since I’ve been running them since 2002.”
