Martin Currie picks up Japan equity boutique
Active equity specialist, Martin Currie, has completed the acquisition of PK Investment Management's London-based Japan long short equity team.
The deal, which was first announced on 17 November 2015, came into effect from 1 January, 2016.
The team will be led by Paul Kirkby, who has also been appointed as lead manager of the Legg Mason Japan Absolute Alpha Fund, and the Luxembourg domiciled UCITS fund, with the enlarged team holding assets under management worth US$425 million.
Martin Currie head of sales and marketing, Andy Sowerby, described the move as "an exciting milestone in the development of our Japanese long/short capability".
"By capitalising on the combined strength of our collective resources we can further establish ourselves as a leading manager in this specialist area," he said.
"Paul has over 30 years' experience in managing Japanese equities and is backed by a proven team who together have combined experience of the Japanese market in excess of 97 years."
On the back of four successive years of gains in the Japanese market, Kirkby described the current climate as "particularly interesting".
"Whilst the stock market has doubled from the 2012 lows profits have grown at the same pace and thus valuations are not as stretched as might be expected," he said.
"With supportive central bank and government policies in place, allied to improving corporate governance helping drive further balance sheet efficiency, we see a continued positive backdrop for investors, provided that global economic conditions do not deteriorate meaningfully in the year ahead. "
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