Invesco buys County from NAB
Invesco has forked out $110 million for the sale of County Investment Management.
This ends months of speculation since National Australia Bank (NAB), which bought County in 1997, announced in August that it was looking to sell County to a partner with a specific global investment background.
County currently has $14.1 billion of funds under management. Its new partner Invesco is owned by global investment giant Amvescap, which manages a hefty $US414.4 billion of funds internationally.
NAB claims that the sale represents a successful outcome for all parties involved. Executive general manager wealth management Peter Scott says that NAB and County had "agreed that County's opportunities would be enhanced by linking up with a new strategic partner, preferably global".
NAB paid $90 million for County in 1997. Once the current sale is finalised early next year, NAB should receive a fully franked dividend of $2.6 million and an estimated return of capital of $13 million, which will take their profit of sale to around the $36 million mark.
County will become part of the Invesco Global arm, a division that oversees retail and institutional investment management outside the range of its North American parent.
County chief executive Dr Nick Birrell will step into the role of Invesco's regional director in Asia and will orchestrate the group's further expansion in the region, including Australia.
Birrell is upbeat about the new partnership and believes Invesco offers opportunities suited to County's strategy.
"As part of Invesco, the company will for the first time share with its parent a dedicated focus on investment management as the sole driver of its corporate vision and value proposition to clients," he says.
CEO of Invesco Australia Michael Parsons will assume the role of chief executive of the combined Invesco/County unit and will be responsible for massaging Invesco's Australian distribution operations into County's broader manufacturing and distribution platform.
Apart from County's founding chief executive and current chairman Charles Macek, who will be retiring from the company in 2001, no other staff members are expected to depart their current roles in the asset manager's new partnership with Invesco.
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