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
Ausbil is to expand its active ETF range with two ASX-listed launches, one focusing on global small caps and one on listed infrastructure.
Up to 20 per cent of wealth and asset managers globally are set to be acquired in the next five years, according to Morgan Stanley, with focus expected to move to ‘inter-sector’ deals between industries.
Fidelity International has appointed Thomas Taw to the newly created role of head of ETF distribution for APAC, joining from a decade at BlackRock.
GQG Partners’ year-to-date flows are 80 per cent lower than the same period a year ago as underperformance prompts three consecutive months of outflows.
