HGL buys fund manager with its own AFSL
ASX-listed, HGL Limited has completed the acquisition of Supervised Investments Australia (SIAL), a fund manager with an investment management agreement for The Supervised Fund (TSF) and its own Australian Financial Services (AFS) licence.
HGL said the acquisition represented its re-entry into funds management and it hoped that its investment/funds management division, which currently is in excess of $10 million in funds under management (FUM), would grow to become a core contributor to future profitability of HGL.
According to the announcement, SIAL had been brought into the HGL group as a wholly owned and managed fund manager, however it would be rebranded in due course.
The acquisition, which was first announced in January, had been funded by the issue of three million HGL shares, which were approved by shareholders at the annual general meeting (AGM) in February.
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