In January, it was announced Foresight Group LLP had acquired impact investment specialist WHEB Asset Management in a deal that will add almost £800m to the group’s AUM.
At the time, Foresight, which offers listed and private real asset products to both institutional and retail investors, said the acquisition will “reinforce FCM’s [Foresight Capital Management’s] position as a leader in impact investing in public markets”, as well as represent the firm’s entry to the Australian market via WHEB’s joint venture with Pengana Capital Group. All three of WHEB’s partners, alongside “key employees” such as fund managers and the investment team, will also become part of Foresight and will remain based in London.
Here, George Latham, managing partner at WHEB, answered PA Future‘s questions on what this means for the future of the business, how they plan to integrate the cultures, teams and processes and how SDR will shape impact investing.
See also: Harmony Energy Income Trust receives offer from Foresight
What led to the decision for Foresight to acquire WHEB? Was this always part of a broader strategic plan?
GL: We’ve been thinking about the long-term shareholder structure of WHEB for several years. Over the past decade, we’ve been approached many times by potential partners. Our priority has always been ensuring the best ownership structure for long-term success. A few years ago, we introduced a deferred equity plan to enfranchise the wider team, reducing key person risk and establishing a more sustainable ownership model. More recently, we actively sought a strategic partner to replace our existing external investors with a firm that could add long-term value and help us reach our full potential. That’s where Foresight fitted in.
What made Foresight the right choice?
GL: We had four key criteria for selecting a strategic partner.
First, we wanted a commitment to impact investing. WHEB was founded as an impact investment firm specialising in listed equities and any potential partner needed to deeply understand this space. Foresight has a strong heritage in impact investing, particularly in energy transition, renewable energy and natural capital projects. Its listed equity division is smaller but complementary to ours, creating a seamless multi-asset approach to impact investing.
Second, we wanted to consider access to stronger distribution capabilities. We needed a partner that could expand our distribution platform. Foresight has an existing sales team dedicated to listed equities, which is significantly larger than our current setup. Additionally, we gain access to the broader Foresight network of 45–50 professionals engaging with clients across various investment segments.
Third, a priority for us was business resilience. Market conditions in sustainable and impact investing have been challenging in recent years. By joining Foresight – a publicly listed company with a strong balance sheet – WHEB gains financial resilience. We think this makes us a more attractive counterparty for large mandates and reassures existing clients about our long-term stability.
Finally, we wanted to consider where our growth opportunities lie. Being part of Foresight allows us to develop new products, expand our capabilities and offer better career progression for our team. This helps us attract and retain top talent, ultimately benefiting both clients and the business.
What will change for people inside and outside the business?
GL: The biggest visible change will be our office move – from Cavendish Square to The Shard. Otherwise, most aspects of the business will remain the same. The WHEB brand, investment team and investment process will stay intact. On the client side, there will be greater support from an expanded distribution team, but the relationships and investment philosophy remain consistent.
Merging two firm cultures can be challenging. How will you ensure a smooth cultural integration?
GL: Cultural alignment is crucial, and we’ll be working closely over the next 12 months to ensure a smooth integration. WHEB has built a strong culture, and our priority is to protect and enhance it within Foresight. While cultural integration is less tangible than financial metrics, it’s a key focus for leadership to ensure a positive transition.
WHEB was the first firm to receive approval for the FCA’s Sustainability Impact label under SDR. How do you see SDR shaping impact investing?
GL: SDR has been useful in clarifying the landscape, but it’s still early days. Impact investing has gained traction, and the adoption of SDR labels is growing. However, widespread adoption will require more awareness, regulatory clarity and integration into model portfolio services. We’re working with the Impact Investing Institute and industry peers to standardise impact reporting, ensuring consistency and transparency for investors. While SDR is a step in the right direction, broader market education and alignment will be essential for driving real change.
Final thoughts on the acquisition – what does this mean for WHEB’s future?
GL: This move puts WHEB on the strongest possible platform for long-term success. With Foresight’s support, we can scale our impact, reach more investors, and continue evolving in a way that stays true to our mission. We’re excited about the future and confident this partnership positions us for decades of growth and influence in impact investing.
