Fund manager Acadian Asset Management has acquired Colonial First State’s (CFS) 50% stake in Acadian’s Australian unit.
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Following the deal, Acadian Australia will become a wholly owned subsidiary of Acadian Asset Management.
CFS will now serve as the sole distributor of its investment strategies to the Australian retail market, as well as will remain the responsible entity for Acadian funds in Australia.
Acadian Asset Management Australia CEO Andrew Hair will continue in his role post acquisition deal. He will also remain a member of the Acadian Australia Board.
Acadian CEO Churchill Franklin remarked: "Our 100% ownership of Acadian Australia means our clients will benefit from the increased alignment with Acadian around the world but will also enjoy ongoing support from Colonial First State in the Australian retail investment market."
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By GlobalDataCFS executive general manager Linda Elkins added: "The joint venture with Acadian in Australia has been successful over the past 10 years. We look forward to continue providing Acadian’s market leading capabilities to the Australian retail market."
