Pendal makes US fund manager acquisition


Pendal Group has announced it has moved to acquire US-based value-oriented fund manager, Thompson, Siegal and Walmsley LLC.
Pendal announced to the Australian Securities Exchange (ASX) today that it had entered into an agreement to acquire 100% of the US fund manager for $413 million.
Confirming the move, Pendal Group chairman, James Evans described it as a strategic and compelling opportunity to acquire a highly successful complementary business which would create immediate value and facilitate growth opportunities in the US.
“The acquisition will deliver scale and diversification benefits for Pendal across investment capability, asset classes, geographies and distribution channels,” he said.
Thompson, Siegel and Walmsley operates out of Richmond, Virginia, and has $30.5 billion in funds under management.
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.