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.”