EDINBURGH-BASED LeapFrog Investments has bought a stake in a Thai car insurance firm being divested by RSA.
LeapFrog – a “profits-with-purpose” ethical fund manager specialising in emerging consumer markets – bought an 11 per cent stake in Syn Mun Kong (SMK). Lombard Investments is also acquiring an identical stake from RSA, which is divesting some of its global interests under the leadership of former Royal Bank of Scotland boss Stephen Hester.
The two are paying about £18 million each. LeapFrog is buying the holding for its second fund, which raised $400m (£256m) earlier this year. Partner Stewart Langdon said SMK offered much-needed insurance to a growing Thai consumer market.
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