Ironbark AM acquires Deutsche Asset Management Australia
Ironbark Asset Management, the company which grew out of Chris Larsen's departure from Deutsche Asset Management, has announced its acquisition of the Deutsche Asset Management Australia business.
The company said the acquisition would mean Ironbark would be the responsible entity for the existing Deutsche Asset Management funds.
Ironbark chief executive Larsen said his company had promoted, distributed and serviced Deutsche Asset & Wealth Management's retail funds amongst investors since 2009 and the acquisition represented a natural progression of the relationship.
He claimed the practical effect on investors would be minimal and the acquisition would not affect the day-to-day operation, administration or investment management of the funds.
"The investment management teams of the funds will remain the same," he said. "We believe the investment teams, styles and processes of Deutsche Asset & Wealth Management and Global Thematic Partners are highly regarded and we look forward to working more closely with them to seek to add value to investors' portfolios."
Larsen said that when the acquisition was complete, Ironbark would rename Deutsche Asset Management Australia as Ironbark Asset Management (Fund Services) Limited.
Recommended for you
BlackRock Australia’s head of intermediary distribution James Waterworth has taken up a new distribution role at an alternative asset manager, while Antipodes has hired a distribution director.
BlackRock’s iShares ETFs have reported a record first half for inflows, gaining US$192 billion in the past six months, to see overall ETF assets under management rise to US$4.7 trillion as it launches its first active ETF in Australia.
Betashares chief executive, Alex Vynokur, has said that the firm is focused on financial advisers “more than ever” as it grows the business, having announced a merger with managed account provider InvestSense.
L1 Capital has confirmed it intends to vote against the conversion of the Platinum Capital LIC into a listed ETF, meaning the deal “has a high probability of failing” due to L1’s substantial shareholding.
