Henderson Global Investors, a UK-based investment manager, has acquired 100% stake in H3 Global Advisors, an Australia-based alternative investment manager.
H3 Global is founded by brothers Andrew and Mathew Kaleel in 1996. It has US$342 million in assets under management and specializes in commodity investments.
Rob Adams, managing director of Henderson Australia, said: "We are thrilled to have the H3 Global team join Henderson. The strategies managed by H3 Global offer strong uncorrelated returns and can be an ideal hedge to more traditional asset sectors.
"We not only see strong demand for such return dynamics here in Australia, but we believe they will have global appeal. With Andrew, Mathew and the team we see a very strong partnership developing over the long term."
Since July 2007, Ascalon Capital Partners had a minority stake in H3 Global, when funds under management stood at around $50 million. Chuak Chan, CEO of Ascalon said that it will sell its entire 45% stake in the deal.
The sale of H3 will result in the transition of the Responsible Entity ownership of the H3 Commodities Fund and the H3 Global Strategies Fund to HGI over the next six months.
The terms of the deal have not been disclosed.
Henderson manages $123 billion of assets on behalf of clients in the UK, Europe, Asia-Pacific and North America.