Investors Mutual founder Anton Tagliaferro has sold his business to French fund manager Natixis Global Asset Management.
France-headquartered Natixis Global Asset Management has acquired a 51.9 per cent stake in Investors Mutual Limited (IML).
Natixis has acquired all of the shares in IML held by Pacific Current Group, along with the portion of the shares in IML held by founder Anton Tagliaferro, for up to $155 million in cash.
IML, which has assets under management of $9.1 billion, will become a new affiliate of Natixis Global Asset Management after the transaction closes in October 2017.
The management team of IML will remain shareholders in the business alongside Natixis executives, and Mr Tagliaferro will continue to run the business supported by Natixis head of research Hugh Giddy.
A statement by Natixis said there would be "no changes to the way in which IML is run day-to-day, nor to its management".
Natixis chief executive Jean Raby said, "We have previously stated that it is our intention to pursue new growth in the Asia-Pacific market, and this marks 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 the Natixis Global Asset Management multi-affiliate model."
Mr Tagliaferro said, "We welcome Natixis Global Asset Management, one of the world’s leading asset managers, as a supportive, long-term shareholder and business partner, and we look forward to providing Natixis Global Asset Management with expertise in Australian equities."
The two big four banks have made certain roles redundant in the higher ranks in ...
ifa, in partnership with Capital Group, is pleased to announce the finalists for...
The financial services industry has been forecast to be the most likely to adop...