UK-based Henderson Group has agreed to acquire two Australian boutique fund managers – Perennial Fixed Interest Partners and Perennial Growth Management- from IOOF Holdings.
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Under the deal, the group will acquire the employee-shareholders of both the companies, which together manage £5.5bn (A$10.7bn) in assets.
The acquisition will increase the firm’s Pan Asian assets under management from £4.0bn (A$7.8bn) to £9.6bn (A$18.7bn), which equates to 11% of the group’s total.
The transactions are scheduled to close in the fourth quarter of 2015.
Additionally, Henderson has completed the acquisition of 90 West Asset Management by raising its stake in the firm from 41% to 100%.
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By GlobalDataThe firm manages assets worth A$0.3bn in global natural resources equities funds and segregated mandates.
Henderson CEO Andrew Formica said: "Developing our presence in Australia is a strategic priority for Henderson. These acquisitions will give us recognised domestic investment management capabilities to complement our global offering and take us into the Top 30 of Australian asset managers.
"They help us build scale in our Australian business well ahead of our previous expectations. On completion, we will more than double our AUM from Pan Asian clients and have around 40 investment professionals based in the region, managing money on behalf of local and international investors."
