Pendal completes acquisition of TSW
Pendal has completed its acquisition of US-based value-orientated investment management company, Thompson, Siegel and Walmsley (TSW).
It announced in May it had entered into an agreement to acquire 100% of the US fund manager for $413 million.
Pendal’s US funds under management (FUM) doubled to $62.5 billion and increased total group FUM by 31% to $139.3 billion.
John Reifsnider, TSW chief executive, would lead Pendal’s consolidated US business and join the Pendal group global executive committee.
It was expected to earn double-digit earnings per share in the first full year post completion.
Nick Good, Pendal Group chief executive, said client support had been strong with 96% TSW client consent received in 11 weeks.
“It is a testament to the compatibility and drive of the two organisations and their teams that we have completed the acquisition well ahead of original expectations,” Good said.
Reifsnider said: “The team and I are more convinced than ever of the merits of bringing together these two culturally aligned and forward-looking businesses.
“We believed from the outset that both organisations are a natural fit with compatibility in investment philosophy, client service and our entrepreneurial approach.
“The teamwork in delivering early completion and client consent is validation of this view and bodes well for future success.”
AUTHOR
Chris Dastoor
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.
