Suncorp sheds Tyndall to Nikko
Suncorp has announced it has sold Tyndall Investments to Nikko Asset Management.
The surprise announcement, made to the Australian Securities Exchange this morning, was described by the company as being consistent with simplifying the business.
Suncorp chief executive Geoff Summerhayes (pictured) said Suncorp would remain Tyndall’s major client with $18 billion of Suncorp funds continuing to be managed by Tyndall.
Suncorp said the total potential value of the package was up to $128 million, including $80 million upfront cash to Suncorp, a $5 million access fee, a $30 million option payment in three years time and $13.5 million for employee equity interests.
Tyndall’s acting managing director, Craig Hobart, has been confirmed as managing director of the organisation under the Nikko ownership.
AUTHOR
Mike Taylor
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