Northill acquires Hastings from Westpac
Northill Capital and Westpac Banking Corporation have entered into an agreement for the sale of asset management firm Hastings, adding to Northill’s collection of specialist asset managers.
Hastings, a global infrastructure manager headquartered in Australia, would join Northill’s stable of high quality, specialist asset managing businesses. Northill is known for making long-term investments in such managers.
As at 30 September 2017, the assets under management by businesses in which Northill owned a majority interest were valued at approximately US$48 billion. The acquisition of Hastings added the A$12.6 billion in funds that Hastings managed on behalf of institutional investors to this number.
Northill said the purchase would not diminish Hastings’ development as an independent manager. They planned to support its continued growth as an independent entity, while bolstering its co-investment capital to enhance alignment with investors in both businesses.
Hastings was established in 1994, and it launched one of the first unlisted infrastructure equity funds in 1994 and one of the first infrastructure-focused debt funds in 1999.
The terms of the agreement were currently confidential, but were still subject to confirmation due diligence and regulatory approvals.
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