Natixis takes majority of IML
European-based global asset management company, Natixis today has taken a majority stake in Anton Tagliaferro’s Investors Mutual.
The two companies confirmed today the signing of definitive agreements which will see Natixis Global Asset Management acquire a majority ownership stake (51.9 per cent) in Investors Mutual Limited (IML) in Australia.
Under the terms of the acquisition, Natixis will acquire all the shares in IML held by Pacific Current Group Limited, along with a portion of the shares in IML held by Tagliaferro for up to $155 million in cash.
The transaction is expected to close in October 2017. The acquisition will be financed out of Natixis’ own funds.
IML’s management team will remain shareholders in the business alongside Natixis Global Asset Management with Tagliaferro continuing to run the business supported by head of research, Hugh Giddy and other senior leaders.
The announcement said that under Natixis Global Asset Management’s multi-affiliate strategy, IML would retain its autonomy, investment philosophy and culture, as well as benefit from the support and stability of a global group that specialises in asset management and which has a track record of successful ownership and development of investment management companies around the world.
Commenting on the transaction, Natixis chief executive, Jean Raby said the company had previously stated that its intention to pursue new growth in the Asia-Pacific market, and the transaction marked the first acquisition as part of those plans.
“IML has a strong track record as one of Australia’s most consistently-performing fund managers, and its commitment to investors and reputation in the market will make a significant contribution to Natixis Global Asset Management’s multi-affiliate model,” he said.
Recommended for you
Lonsec and SQM Research have highlighted manager selection as a crucial risk for financial advisers when it comes to private market investments, particularly due to the clear performance dispersion.
Macquarie Asset Management has indicated its desire to commit the fast-growing wealth business in Australia by divesting part of its public investment business to Japanese investment bank Nomura.
Australia’s “sophisticated” financial services industry is a magnet for offshore fund managers, according to a global firm.
The latest Morningstar asset manager survey believes ETF providers are likely to retain the market share they have gained from active managers.
