Private equity takes significant stake in BetaShares
Private equity has taken a significant stake in Australian specialist exchange traded fund (ETF) manager BetaShares.
BetaShares announced today that private equity player, TA Associates had taken what it described as a “significant” stake in the business.
The announcement said TA had acquired the shares held by Mirae Asset Financial Group and other minority investors in the BetaShares business.
Confirming the move, BetaShares founder and chief executive, Alex Vynokur, referenced the private equity investment as occurring in line with the next phase in the company’s growth.
“We would like to take this opportunity to thank the team at Mirae Asset Financial Group and, in particular, founder and global investment strategy officer, Hyeon Joo Park, for their support and confidence in our business over the years,” Vynokur said.
“We are proud to have made a contribution to the impressive growth of Mirae Asset Financial Group.”
TA Associates managing director, Edward Sippel, said his firm had a long history of investing in the financial services industry, having previously supported the growth of a number of leading asset management firms globally.
“We are honoured to have the opportunity to invest in BetaShares to help further the success of this great business” he said.
“We believe that BetaShares’ sharp focus positions it to take advantage of significant opportunities in the market, particularly as the broader financial services industry is undergoing a period of disruption and change.”
“We look forward to partnering with BetaShares’ management team to help further accelerate the company’s growth by leveraging its existing, highly-regarded offering, expanding its product depth, and enhancing its geographic footprint through acquisitions and strategic investments,” Sippel said.
Recommended for you
In the latest Meet the Manager profile, Money Management speaks with Michael Skinner, founder and managing director at Blackwattle Investment Partners.
Perpetual has seen AUM rise 6 per cent in the last quarter but the departure of a longstanding JOHCM fund manager led to outflows of $2.2 billion from his strategy.
Global fixed income fund Bentham Global Opportunities has been added to several major platforms, enabling it to be accessed more easily by financial advisers.
Following yesterday’s news about First Sentier Investors closing four investment teams, a second global asset manager has announced it is closing its only dedicated Australian fund.
