France’s Natixis Global Asset Management has agreed to acquire a 51.9% stake in Australian fund manager Investors Mutual (IML) in a cash deal worth AUD155m ($121.1m).

Natixis will acquire the stake from Pacific Current Group and IML founder Anton Tagliaferro. The deal is expected to be wrapped up this month, following which IML will become an affiliate of Natixis.

IML, which has funds under management of AUD9bn, will retain its autonomy and investment philosophy following the takeover.

IML’s management will remain shareholders in the business along with Natixis, with Tagliaferro continuing to spearhead the business along with head of research Hugh Giddy and other senior leaders.

“There will be no changes to the way in which IML is run day-to-day, nor to its management,” the firms said in a joint statement.

Natixis CEO Jean Raby said: “We have previously stated that it is our intention to pursue new growth in the Asia-Pacific market, and this marks the first acquisition as part of those plans.

“IML has a strong track record as one of Australia’s most consistently-performing fund managers, and its commitment to investors and reputation in the market will make a significant contribution to Natixis Global Asset Management’s multi-affiliate model.”