Ironbark Asset Management has acquired Certitude Global Investments, the Australian subsidiary of HFA Holdings.
Ironbark CEO Chris Larsen said, "The Certitude business provides a particular capability in global asset management that complements Ironbark’s existing offers and fund managers. We are delighted to be acquiring a business of such strength and capability, with strong customer relationships."
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Under the deal, Ironbark will buy 100% of the issued capital of Certitude from HFA.
The existing relationships with Certitude funds’ investment managers will be maintained. This includes HFA subsidiary Lighthouse Partners (Lighthouse), GaveKal Capital and Columbia Threadneedle Investments.
Referring to the latest acquisition deal HFA chairman Michael Shepherd added, "This is a value creating transaction for our shareholders, Certitude’s partnered investment managers and of course investors in Certitude funds. Ironbark has a great reputation in the industry and the ability to effectively meet Certitude’s client needs. These were key considerations in HFA Holdings’ decision."
The deal is schedule to be completed on 30 April of this year.
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By GlobalDataAfter the sale is completed, HFA Holdings’ remaining operations will be the Lighthouse Group, based primarily in the US.
A few staff members will remain in Australia to carry out on-going finance, corporate secretarial and investor relations functions for the consolidated HFA Group.
