Treasury Group adds boutique fund manager
Treasury Group has entered into a partnership agreement with Singapore based equity manager Octis Asset Management.
As part of the agreement, Treasury Group has acquired a 20 per cent equity stake worth $224,000 in Octis, with an option to increase that by a further 10 per cent if new funds flow hurdles are met.
The initial stake was funded from working capital and the strike price of the option will be dependent upon the "prevailing net asset backing at the time the options are exercised", Treasury Group stated.
Treasury Group chief executive Andrew McGill said the company had been interested in diversifying into alternatives and would be looking to grow the Octis business both in Australia and overseas.
The latest addition to Treasury Group follows an announcement in May, when the group acquired a 30 per cent equity stake in Melbourne based boutique manager Evergreen Capital Partners.
"We have been very impressed by Treasury Group's performance in partnering boutique fund managers and are very confident of the synergies created with our partnership," said Octis chief executive Jerome Feracci.
Octis currently has $50 million in funds management.
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