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.
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