WAM Capital buys unlisted investment firm
WAM Capital Limited, which is managed by Wilson Asset Management (WAM), has acquired all the issued capital of an unlisted investment company with net assets of approximately $25.5 million.
The firm said the transaction would benefit existing WAM Capital shareholders and would help increase the size of the investment portfolio in a cost-effective manner.
Also, the company’s board said it was looking forward to engaging in similar transactions in the future.
Under the terms of the deal, consideration for the acquisition would be 13,246,376 new WAM Capital shares, with the number of WAM Capital shares calculated by reference to the relative net tangible asset backing of each company.
AUTHOR
Oksana Patron
Recommended for you
Amid a growing appetite for alternatives, investment executives have shared questions advisers should consider when selecting a private markets product compared to their listed counterparts.
Chief executive Maria Lykouras is set to exit JBWere as the bank confirms it is “evolving” its operations for high-net-worth clients.
Bennelong Funds Management chief executive John Burke has told Money Management that the firm is seeking to invest in boutiques in two specific asset classes as it identifies gaps in its product range.
Responsible investment performance concerns have lessened as the market hits $1.6 trillion in AUM, according to RIAA’s annual report, but greenwashing fears among asset managers are on the rise.
