Colonial sells down stake in US manager
Colonial First State Investments (CFS) will sell its 50 per cent stake in Acadian Asset Management Australia (Acadian Australia) back to its parent but continue to represent the manager in the Australian retail market.
The buy-back will make Acadian Australia a wholly owned subsidiary of Boston based Acadian Asset Management (Acadian LLC) and conclude a 10 year joint venture arrangement between CFS and Acadian LLC, which at the end of 2014 had funds under management of $80 billion.
However CFSIwill remain as sole distributor of Acadian's investment strategies to the Australian retail market and act as responsible entity for the Acadian Australia Funds while Acadian LLC will align Acadian Australia's investment and client service teams and systems to its core operating model around the world.
Acadian Australia chief executive Andrew Hair will continue to head the local operations with CFS Executive General Manager Linda Elkins stating the joint venture had been a success over the past 10 years with CFS looking forward to continue the relationship by offering Acadian funds to the retail market.
AUTHOR
Jason Spits
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