Perennial executives to buy remaining IOOF stake
Boutique fund manager, Perennial Value Management, has announced that its senior executives planned to acquire the remaining 42.4% interest in the business from IOOF Holdings.
Perennial’s investment products would continue to be offered through IOOF platforms as well as other leading platforms and wrap accounts.
Perennial Value’s managing director, John Murray said the move represented a further alignment of interests between its staff and clients.
“This represents a further significant alignment of interests between our staff and our clients, and is a strong vote of confidence in our continuing commitment to delivering investment excellence, fostering a specialist investment management culture, and building a successful and sustainable funds management business,” he said.
Anthony Patterson, executive director of Perennial, added: “This transaction will see the positioning of the Perennial Group as a multi boutique investment firm.
“We currently operate six boutique investment businesses, three under the Perennial brand, large cap Perennial Value, Perennial Value Smaller Companies and the Perennial Solutions Group, and three boutique affiliates Daintree Capital, an absolute return fixed income business, Fairlight Asset Management, a Global Small Mid Cap specialist and eInvest a provider of active exchange traded managed funds.”
Perennial Value is a specialist, active investment management firm and invests $5.6 billion on behalf of institutional and retail clients through a suite of trust products and discrete portfolios.
AUTHOR
Oksana Patron
Recommended for you
VanEck is expanding its fixed income range with a new ETF this week to complement its existing subordinated debt strategy which has received $1 billion in inflows this year.
Specialist global equities manager Nanuk has celebrated 10 years of its flagship New World Fund and is actively considering its next possible vehicle.
Australian equities manager Datt Capital has built a retail-friendly version of its small-cap strategy for advisers, previously only available for wholesale investors.
The dominance of passive funds is having a knock-on effect on Australia’s M&A environment by creating a less responsive shareholder base, according to law firm Minter Ellison.
