G.P. Chase Capital, Electra Fleming to Share Parent –

Chase Manhattan Corp. last week agreed to purchase U.K. investment bank and asset management group Robert Fleming Holdings Ltd. for approximately $7.6 billion.

The deal will give Chase control of Robert Fleming’s Electra Fleming group, which does private equity fund management. Electra Fleming has offices across Western Europe, as well as in Hong Kong and Brazil.

Chase Manhattan, of course, already has a private investing arm with Chase Capital Partners, which also has investment offices all over the world.

A spokesperson for Chase Capital said her firm expects “a few synergies” to be realized by having both private equity groups under one roof, but added bringing Chase Capital and Electra Fleming together was not the driver for the Robert Fleming acquisition. “This deal is very different from Chase H&Q,” she said, referring to Chase Manhattan’s acquisition last year of investment banking firm Hambrecht & Quist, which gave the larger bank valuable access to technology expertise.