Fidante Partners, a funds management division of Challenger in Australia, has agreed to purchase 100% of Dexion Capital, a UK-based alternative investments group, for £19.6m.
Dexion Capital holds interests in three specialist fund managers including Resonance Asset Management, Agricultural Asset Management, Horizon Infrastructure Partnership as well as an investments distribution business in London, Dexion Absolute Limited.
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The takeover of Dexion will substantially boost Fidante’s presence in Europe, where it already has interests in British alternative asset managers, including Whitehelm Capital and WyeTree Asset Management.
The acquisition price will be based on profitability over a period of up to six years, under earn-out arrangements with key Dexion executives, Challenger said in a statement.
The transaction is scheduled to occur in July 2015, subject to final pre-completion steps.
Dexion Capital has nearly 40 staff, predominantly based in London.
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By GlobalDataIan Saines, CEO of Challenger’s funds management business, said: "This represents a significant step-up in our European presence and is an important part of our international distribution and product expansion.
"Dexion Capital’s funds management operation provides a scalable platform to realise our ambition of replicating Fidante Partners’ successful multi-boutique model in the European market, while opening up global distribution opportunities for our existing boutique managers," Saines added.
