Treasury Group completes Northern Lights merger

mergers and acquisitions cent australian securities exchange

26 November 2014
| By Nicholas |
image
image
expand image

Boutique funds management organisation, Treasury Group, has completed its merger with US-based Northern Lights Capital Group as previously announced.

In an announcement to the Australian Securities Exchange (ASX) Treasury Group revealed that all approvals required for the transaction to proceed and other conditions had been satisfied, allowing the merger to be completed yesterday.

The new merger trust is owned 61.22 per cent by Treasury Group and 38.78 per cent by Northern Lights, and it holds interests in the portfolio of boutiques which collectively have approximately $50 billion of funds under management as of 30 September.

Following the completion of the merger, Treasury Group said that "focus and attention has now turned to integration of management and operations and the achievement of initial cross-selling, investment and other short-term goals".

Treasury Group also revealed that US$47 million of debt was drawn down by a subsidiary of the merger trust to fund simultaneous completion transactions to acquire additional interests in Seizert Capital Partners and Aether Investment Partners.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

1 day 22 hours ago

Interesting. Would be good to know the details of the StrategyOne deal....

6 days 4 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 4 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 6 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

5 days 2 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

4 days 5 hours ago