Ironstone to be acquired by AMP
Specialist residential property funds management group Ironstone is to be substantially acquired by AMP.
Money Management has confirmed the acquisition, which has been taking place against the background of the Ironstone funds being placed on hold by ratings business SQM.
It is understood that under the terms of the acquisition, the existing Ironstone team will be retained and offered equity stakes in the business, which will be expanded to operate in all Australian states.
Ironstone was established in 2007 by a number of well-known funds management industry identities including its chief executive Sean Preece and managing director Steve Kyling.
To date, Ironstone's main offering has been the Ironstone Residential Fund - an unlisted, open-ended, ASIC-registered retail unit trust.
Money Management understands that AMP's decision to acquire Ironstone is part of a broader strategy to drive further into the self-managed superannuation funds (SMSF) advisory market and is allied to its recent acquisitions of both the Super IQ and Multiport businesses.
SQM Research last week placed the Ironstone fund on hold, saying significant issues had come to its attention and that it was in the process of investigating those issues.
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