nabInvest takes non-controlling interest in Peridiem
National Australia Bank's (NAB's) direct asset management business, nabInvest, has taken a non-controlling interest in Peridiem Global Investors LLC (Peridiem), a Los Angeles-based investment management firm specialising in global fixed income.
Peridiem's chief executive Andrew Stenwall has over 20 years experience in portfolio management, nabInvest said in a statement. Stenwall has previously been responsible for managing over $170 billion in global fixed interest.
The Peridiem business comprises 15 senior investment professionals who have worked together over the past 10 years - most recently, at Nuveen Asset Management.
nabInvest chief executive Garry Mulcahy said nabInvest remained focused on partnering with investment management firms that have capabilities across a range of asset classes.
"Peridiem provides broad global fixed income skills covering over 30 countries and currency markets, which complements nabInvest's strategy to build a sustainable and diversified asset management business," Mulcahy said.
Stenwall said he looked forward to offering income oriented strategies to Australian investors.
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.
