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
Professional services group AZ NGA has made its first acquisition since announcing a $240 million strategic partnership with US manager Oaktree Capital Management in September.
As Insignia Financial looks to bolster its two financial advice businesses, Shadforth and Bridges, CEO Scott Hartley describes to Money Management how the firm will achieve these strategic growth plans.
Centrepoint Alliance says it is “just getting started” as it looks to drive growth via expanding all three streams of advisers within the business.
AFCA’s latest statistics have shed light on which of the major licensees recorded the most consumer complaints in the last financial year.
