BT Investment Management's announcement yesterday that it will acquire the London-based fund manager JO Hambro Capital Management got a mixed response.BTIM, which is 60 per cent owned by Westpac, will pay £219 million (A$314 million) for the business, which has $10.7 billion of funds under management.BTIM said yesterday that the acquisition would be earnings-per-share accretive in the first year.Goldman Sachs issued a note on the deal, saying the positives were that JO Hambro was a strong business with positive net inflows and high margins. It said the acquisition would give BTIM greater diversification (less reliance on the Australian equity market).But, on the negative side, Goldman Sachs said JO Hambro was reliant for a lot of its income on performance fees, which are risky.Overall, its view was that BTIM would achieve the claimed increase in earnings per share and its shareholders would benefit.Westpac said it would take up its full entitlement of $165 million in a share issue that would be used to partially fund the deal.