2nd Jun 2015 06:34
LONDON (Alliance News) - Fund manager Henderson Group PLC on Tuesday said it has struck a deal to acquire Australia's Perennial Fixed Interest Partners Pty Ltd and Perennial Growth Management Pty Ltd from owner IOOF Holdings Ltd and the employee shareholders of each company.
In a separate deal, FTSE 250-listed Henderson also said it has acquired the remainder of 90 West Asset Management Pty Ltd, a natural resources fund fund manager also based in Australia. That has meant it has pushed its ownership of the business up to 100% from 41% previously.
The acquisition of the two Perennial businesses will increase Henderson's pan-Asian assets under management to GBP9.6 billion from GBP4 billion, or 11% of its total assets under management.
90 West Asset Management handles around GBP0.2 billion in assets.
Henderson did not provide any financial details on the acquisitions.
"Developing our presence in Australia is a strategic priority for Henderson. These acquisitions will give us recognised domestic investment management capabilities to complement our global offering and take us into the Top 30 of Australian asset managers," said Henderson Chief Executive Andrew Formica.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
HGG.L