Fund managers SG Hiscock & Company (SGH) and DMP Asset Management (DMPAM) have agreed to join forces.
The combined group will be headquartered in Melbourne and have two business pillars.
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One of these pillars is institutional mandates and retail unit trusts, which will be managed by SGH.
DMPAM will be in charge of the other pillar: wholesale tailored portfolio services.
However, the two entities will continue to operate under their existing brands.
They will also continue to have separate Australian Financial Services Licences.
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By GlobalDataThe two companies are said to have complementary capabilities in various areas covering investment management, research capabilities and private client portfolios.
DMP CEO Angus Graham said: “The merged entity combines the strength of SGH’s & DMPAM’s investment performance and research capability, with DMPAM’s long history in managing bespoke private client portfolios – including some clients that have been with the firm for over 28 years.
“The business will retain its focus on providing funds management, asset allocation and portfolio construction solutions to wholesale clients.”
SGH chair Stephen Hiscock too welcomed the move, saying that the combination of the firms will bolster their investment capabilities.
Hiscock will have a seat on the DMPAM board following the merger.
Additionally, Harry Cator and Brenda Shanahan from DMPAM will sit on the SGH board.
The consolidation is expected to be completed this month.
