Pendal completes acquisition of TSW

pendal/Nick-Good/

23 July 2021
| By Chris Dastoor |
image
image image
expand image

Pendal has completed its acquisition of US-based value-orientated investment management company, Thompson, Siegel and Walmsley (TSW).

It announced in May it had entered into an agreement to acquire 100% of the US fund manager for $413 million.

Pendal’s US funds under management (FUM) doubled to $62.5 billion and increased total group FUM by 31% to $139.3 billion.

John Reifsnider, TSW chief executive, would lead Pendal’s consolidated US business and join the Pendal group global executive committee.

It was expected to earn double-digit earnings per share in the first full year post completion.

Nick Good, Pendal Group chief executive, said client support had been strong with 96% TSW client consent received in 11 weeks.

“It is a testament to the compatibility and drive of the two organisations and their teams that we have completed the acquisition well ahead of original expectations,” Good said.

Reifsnider said: “The team and I are more convinced than ever of the merits of bringing together these two culturally aligned and forward-looking businesses.

“We believed from the outset that both organisations are a natural fit with compatibility in investment philosophy, client service and our entrepreneurial approach.

“The teamwork in delivering early completion and client consent is validation of this view and bodes well for future success.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

5 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months 1 week ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months 1 week ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

1 week 6 days ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

3 weeks 2 days ago

ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay....

3 days 21 hours ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
5