Ord Minnett offloads investment business
Chase Ord Minnett has offloaded its Ord Minnett Strategic Investments (OMSI) subsidiary less than three months after the $200 million takeover of Ord Minnett by Chase Manhattan.
The managed futures and hedge fund manager business has been sold to London-based financail services group ED & F Man Investment Products for undisclosed sum.
Chase Ord Minnett managing director Scott Reid says that while the OMSI business had been very successful, its value would be best realised in the hands of a more natural long-term owner. Most of OMSI's funds are managed by ED & F Man Investment Products.
"However, we will continue our close relationship with Ord Minnett Strategic Investments through the distribution capability provided by our Private Client Equities and Financial Services business in Australia and New Zealand," Reid says.
Chase Manhattan concluded the purchase of Ord Minnett in early September after staff shareholders accepted its offer. Chase acquired 48 per cent of Ord Minnett in its acquisition of Robert Fleming Holdings, Ord's major shareholder. The remaining 52 per cent were held by staff of Ord Minnett, an unlisted public company.
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