Valuestream Investment Management to buy MMC Asset Management
MMC Contrarian (MMA) and Valuestream Investment Management (VIML) have announced they have entered into a share sale and purchase agreement (SPA) in which VIML is to buy 100 per cent of the shares in MMC Asset Management.
MMC Asset Management is the fund manager and the appointed responsible entity (RE) for the MMC Australian Share Fund, MMC Small Companies Fund and MMC Value Growth Trust while VIML is a specialist outsourced RE that provides a solution to a range of schemes for boutique fund managers, large institutions and international managers.
The purchase agreement is subject to conditions that include the execution and completion of an investment management agreement to be entered into between VIML and Huon Capital, the execution and completion of a share subscription deed to be entered into between MMA and Huon and the completion of a capital reduction in MMC Asset Management immediately prior to completion.
The subscription deed between MMA and Huon will result in MMA owning 10 per cent interest in a boutique fund manager, headed by the portfolio manager of the MMC Asset Management investment team, Michael Birch.
The decision to restructure its involvement in funds management will see MMA focus on the growth of ComCorp Financial Advice (a wholly owned subsidiary of MMA) which recently acquired 40 per cent of Berry Financial Services.
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