Allco expands footprint
Allco Finance Group has announced its intention to take full-ownership of global property fund manager Rubicon Holdings in an effort to enlarge its footprint in this space.
In a letter to shareholders, Allco chief executive David Clarke said plans to increase its stake in Rubicon from 20.4 per cent to 100 per cent were part of its strategy to become a leading global originator and manager of alternative assets, including global property.
Clarke said the acquisition, which is subject to shareholder approval, will enhance its growth prospects in global property, providing an operating platform capable of generating significant growth in assets under management, an increased asset management annuity income stream and significant revenue synergies, expertise and scale benefits.
Clarke said Allco was confident Rubicon alone would be able to achieve asset acquisitions of at least $1.5 billion per annum going forward.
The deal brings Allco’s total assets under management to more than $9.1 billion, contained within five listed and one wholesale property funds. The company now has ‘on the ground’ platforms in Australia, Singapore, Tokyo, London, Chicago and Omaha.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
