NAB Asset Management, the asset management arm of National Australia Bank, has acquired a majority stake in British commercial property fund manager Orchard Street Investment Management.
The deal will see Orchard Street, which has £4bn of assets under management, becoming NAB’s exclusive UK partner.
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The acquisition will not alter Orchard Street’s day-to-day management and the partnership includes Bartram, Philip Gadsden, David Lee, Gary Felce, John Humberstone, Phillip Rodger and Barney Rowe continuing to manage client relationships.
Following the acquisition, Chris Bartram will remain as Chairman of the combined entity and Philip Gadsden will continue as managing partner and senior management committee head.
The agreement brings NAB’s stable of fund managers globally to 13, with total funds under management of around $178bn.
Orchard Street has grown its funds under management from £800m to around £4bn in the past ten years.
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By GlobalDataChris Bartram, chairman of Orchard Street, said: "We look forward to working with them as we continue with our steady path to growth by winning new mandates and growing AUM on behalf of our existing long term clients."
Garry Mulcahy, executive general manager of NAB Asset Management said: "The partnership is consistent with our strategy of identifying and partnering with the best investment talent from around the world."
