Treasury Group backs new boutique
The Treasury Group has linked up with the former chief investment officer at Credit Suisse Asset Management, Tim Ryan, to set up a new boutique funds management house.
The new group, to focus exclusively on Australian equities, will be officially launched in the first quarter of next year after almost six months of negotiations between Ryan and the Treasury Group.
Ryan, who leftCredit Suisseunexpectedly in June last year, cited personal reasons for his sudden departure from the Swiss fund manager.
The new business will sit alongside the Treasury Group’s other boutique funds management group, Investors Mutual.
The Treasury Group bought a 50 per cent stake in Investors Mutual late last year and has since announced ambitions plans to take a similar stake in other boutique fund managers.
The Treasury Group will initially take a 19.9 per cent stake in the venture with Ryan, although it will ultimately be entitled to up to 49 per cent through a serries of call options.
Under the deal to form the new group, the Treasury Group will issue 100,000 ordinary fully paid shares in the new business to Ryan and other senior executives. The shares will be under escrow for period of three years for Ryan and one year for the other executives.
Ryan and other executives in the new business will also be entitled to up to 1,250,001 shares in the Treasury Group itself, subject to meeting certain funds under management targets.
Recommended for you
Insignia Financial has announced the status of the two private equity bidders as due diligence comes to an end, with one bidder opting to pull out.
The corporate regulator has cancelled the AFSL of a Queensland-based financial services provider, having held the licence since mid-2016.
The financial advice industry has reacted to the appointment of Dr Daniel Mulino as the new Minister for Financial Services, with hopes for improvements in legislation and education standards.
With less than one-third of Australian business owners seeing an adviser, Business Health has detailed how advice practices can successfully target this underserved client segment.
