NabInvest acquires stake in US-based manager
National Australia Bank’s (NAB’s) direct asset manager business, nabInvest, has acquired a non-controlling interest in the US-based Altrinsic Global Advisors for an undisclosed sum.
This acquisition is nabInvest’s first investment in such a business, according to chief executive officer Garry Mulcahy, who added it was an important part of NAB’s direct asset management strategy.
Altrinsic was founded in 2000 and currently manages over US$12 billion for clients globally, including US$3 billion from institutional Australian investors.
Based in Connecticut, Altrinsic identifies investment opportunities via their bottom-up research covering larger to smaller companies across developed and emerging markets.
“Global asset classes, such as international equities, will continue to be attractive, especially given the current heavy bias of Australian investors to Australian equities,” Mulcahy said.
“As the pools of superannuation funds increase, investors will need to look offshore to find value,” he added.
NabInvest, which manages approximately $45 billion, stated the terms of the arrangement with Altrinsic were confidential.
Recommended for you
As the year draws to a close, a new report has explored the key trends and areas of focus for financial advisers over the last 12 months.
Assured Support explores five tips to help financial advisers embed compliance into the heart of their business, with 2025 set to see further regulatory change.
David Sipina has been sentenced to three years under an intensive correction order for his role in the unlicensed Courtenay House financial services.
As AFSLs endeavour to meet their breach reporting obligations, a legal expert has emphasised why robust documentation will prove fruitful, particularly in the face of potential regulatory investigations.
