TRG buys into Evergreen
Treasury Group Limited (TRG) has acquired a minority stake in boutique fund manager Evergreen Capital Partners, strengthening a relationship that began in December 2011 when Evergreen was appointed to manage TRG's Ascot Fund.
The 30 per cent stake cost $1.4 million and a deferred amount payable upon agreed indicators of Evergreen's business performance to 30 June 2014.
Internal working capital will fund TRG's purchase, with the majority stake acquired by associates of Jo Rylance, Evergreen's executive director and chief operating officer. Founder Tim Hannon remains the majority owner.
Evergreen currently manages approximately $100 million in funds on behalf of clients, with a further $70 million in funds under management through a joint Australian real estate and infrastructure securities venture with Freehold Investment Management.
TRG's chief executive Andrew McGill said the partnership would marry TRG's distribution capabilities and support services with Evergreen's expertise in funds management.
"Evergreen has generated enviable returns for investors across the volatile equity market conditions that we've seen over the past few years. The enthusiasm, passion and focus on client outcomes of the Evergreen team underpin their success to date," he said.
McGill said he was confident TRG's offering would further Evergreen's continued growth and success.
TRG appointed McGill as chief executive mid-2012, charged with capitalising on growth opportunities and growing and supporting managers within the TRG portfolio.
TRG has been building its distribution capabilities over the past 12 months, appointing Stephen Bramley as Melbourne director of distribution in February and Peter Walsh to head up the same role in Sydney.
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