Equity Trustees completes acquisition
Peter Williams
Equity Trustees has continued the implementation of its growth strategy, announcing that it has completed its acquisition of funds management company Holdfast Fund Services (HFS).
Announcing completion of the transaction, Equity Trustees managing director Peter Williams said it represented a part of the company’s growth strategy that also included several bolt-on acquisitions to its superannuation business.
“We see HFS as a strong strategic fit with our funds management business,” he said.
HFS holds sponsorship rights that relate to the distribution and marketing of the EQT Intrinsic Value International Sharemarkets Fund and the EQT Intrinsic Value International Sharemarkets PLUS Fund, which have around $310 million in funds under management.
Williams said that despite the recent market volatility, net fund inflow into the EQT Intrinsic Value International funds remained positive and Equity Trustees believed it would be maintaining a strong relationship with Intrinsic Value Investments.
He said Equity Trustees believed the acquisition would add around $1 million to the company’s earnings before income tax in the full 2009 financial year.
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