Treasury Group set to launch fund-of-funds firm
Treasury Grouphas unveiled plans to launch a new fund-of-funds investment company - Premium Investors - in an announcement made to theAustralian Stock Exchange(ASX) yesterday.
However specific details of the new entity, which will be managed by a subsidiary of the Treasury Group (understood to beInvestors Mutual), were not revealed as the prospectus has yet to be lodged.
Treasury managing director Rodney Green says “it’s an important development for us, but we’re not allowed to say anymore at this stage”.
The group is finalising details for a proposed offer of up to 100 million ordinary shares in Premium at an offer price of $1 each in a bid to raise up to $100 million.
Further details of the terms of the offer will be available once the prospectus is lodged.
The move follows Treasury Group taking its fourth stake in a boutique funds management group back in July, after it took a 35 per cent holding in start-up small cap investment firm, Confluence Asset Management.
Treasury Group already has 50 per cent stakes in Investors Mutual and Melbourne-based private portfolio management group, Armytage.
It also has a 20 per cent stake inOrion Asset Management, which is managed by formerCredit Suisse Asset Managementchief investment officer, Tim Ryan, and has the option to take its holding to 49 per cent.
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