SGH, DMP AM announce merger
SG Hiscock & Company and DMP Asset Management have announced a merger of the two businesses, to be finalised by the end of the month.
The merger would bring together two long-standing businesses to form one investment management organisation, but both businesses intend on retaining their separate Australian Financial Services Licenses and brands.
SGH would continue its focus on institutional mandates and retail unit trusts, and DMP would continue its focus on wholesale tailored portfolio services.
DMP’s chief executive, Angus Graham, said the business would retain its focus on providing funds management, asset allocation and portfolio construction solutions to wholesale clients.
“We believe it is timely to strengthen both businesses through a merger to form a larger entity, whilst maintaining the strength of independence from outside financial institutions,” added SGH chair, Stephen Hiscock.
Hiscock would join the DMP AM board, while DMP AM’s Harry Cator and Brenda Shanahan would join the SGH board.
AUTHOR
Anastasia Santoreneos
Recommended for you
BlackRock Australia plans to launch a Bitcoin ETF later this month, wrapping the firm’s US-listed version which is US$85 billion in size.
Global year-to-date inflows into active ETFs are 87 per cent higher than the same time a year ago at US$447.7 billion.
Financial advisers have expressed concern about the impact including private market exposure is having on their tracking error budget, according to MSCI.
State Street will restrict its membership of global climate alliance Net Zero Asset Managers after the organisation dropped its flagship 2050 goals amid ESG backlash from the US.
