CapMan to reorganise service business

Eliza Punshi
06 August 2020

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Finnish private equity firm CapMan will disband its fund advisory and wealth management arms in a bid to reorganise its service business.

CapMan in its H1 announcement said that, following the reorganisation, Scala Fund Advisory and JAM Advisors will cease to exist in their current forms and the brands will no longer be in use.

Scala co-founders and managing partners Jerome Bouix and Kimmo Eloranta have announced their departure from the business. Bouix told Unquote that there are others who are also leaving the firm.

Bouix co-founded Scala in January 2016 and spent nearly five years as a managing partner. Prior to that, he spent almost 16 years at CapMan, becoming the head of business development and investor relations, and a senior partner.

Eloranta was the deputy managing partner at Scala. Prior to that, he spent nearly five years as a director at CapMan.

The GP's service business will soon include new wealth advisory business CapMan Wealth Services, reporting service JAY Solutions and procurement service CaPS.

As part of its H1 results, CapMan reported an operating loss of €1.8m in the first half of 2020. The GP saw a 9% decline in group turnover compared to the first half of last year, with a more severe 29% decline recorded by its services business. CapMan noted that it expects to see growth in capital under management and management fees in 2020 compared to last year.