Treasury gets some Souls
Treasury Group has agreed to acquire Australian equity manager Souls Funds Management, striking a deal with parent company Washington H Soul Pattinson.
Treasury’s managing director Mark Burgess said as a specialist small cap manager, Souls fills a gap in the current stable of boutique asset managers in which Treasury has a stake.
“We were able to purchase them at an extremely advantageous price for us,” Burgess said, adding that they were acquiring a “very high quality team”.
Burgess said the acquisition was beneficial to both sides, which have met in the past to canvass the possibility but it only came to fruition recently when Souls was “looking to sell”.
“For Treasury it was a very attractive deal,” Burgess acknowledged. “And Souls likes the fact that we just do asset management here.”
The group has had a busy couple of months; its recent expansion included a move into absolute return investing with its 30 per cent acquisition of AR Capital Management earlier this month.
Burgess said the group, which also holds equity in Premium Investors and Global Value Investors, now has all aspects of global investing covered. Treasury also has equity stakes in value managers Investors Mutual and Cannae Capital Partners, as well as growth manager Orion.
Recommended for you
Licensing regulation should prioritise consumer outcomes over institutional convenience, according to Assured Support, and the compliance firm has suggested an alternative framework to the “licensed and self-licensed” model.
The chair of the Platinum Capital listed investment company admits the vehicle “is at a crossroads” in its 31-year history, with both L1 Capital and Wilson Asset Management bidding to take over its investment management.
AMP has settled on two court proceedings: one class action which affected superannuation members and a second regarding insurer policies.
With a large group of advisers expecting to exit before the 2026 education deadline, an industry expert shares how these practices can best prepare themselves for sale to compete in a “buyer’s market”.
