GSFM’s stake in Tribeca acquired by management
Tribeca has announced that the shareholding of Grant Samuel Funds Management (GSFM) has been acquired by its management, effective from June 8.
On the completion on the sale, Grant Samuel Group’s chief executive, Doug Bartlett and GSFM’s executive chair, Andrew McKinnon would step down from the Tribeca’s board.
Following the acquisition, this would mean that Tribeca investment Partners would be 100 per cent owned by its management executives.
At the same time, GSFM’s distribution arrangements with Tribeca would remain unchanged and GSFM would continue to offer the Tribeca Alpha Plus and Tribeca Smaller Companies funds to Australian investors.
GFSM bought its equity stake in Tribeca in May, 2008 and over the past decade Tribeca’s funds under management (FUM) grew to $2.2 billion from $600 million, the firm said.
Tribeca’s chief executive, David Aylward, said: “The Tribeca management team is very pleased to take on 100 per cent ownership of the business, as we enter the next phase of our growth and development.
“GSFM’s model of marketing funds managed by high calibre local and international managers to the Australian market has been very important for us over the past decade and helped build our business to the size and scale that enables us to take this next step.”
AUTHOR
Oksana Patron
Recommended for you
Financial advisers nervous about the liquidity of private markets funds for their retail clients are the target of fund managers launching semi-liquid products which offer greater flexibility and redemptions.
Former Pendal head of multi-asset Michael Blayney has been appointed as a member of the investment committee at specialist managed accounts provider Evidentia Group.
Australian Ethical has seen its funds under management surpass $13 billion in the latest quarter, thanks to retail and wholesale net flows of $173 million but a transition project by Mercer affected superannuation flows.
A salary guide has unpacked the salaries earned in various asset classes, with managing directors in one space earning north of $500,000.
