Treasury Group completes Northern Lights merger
Boutique funds management organisation, Treasury Group, has completed its merger with US-based Northern Lights Capital Group as previously announced.
In an announcement to the Australian Securities Exchange (ASX) Treasury Group revealed that all approvals required for the transaction to proceed and other conditions had been satisfied, allowing the merger to be completed yesterday.
The new merger trust is owned 61.22 per cent by Treasury Group and 38.78 per cent by Northern Lights, and it holds interests in the portfolio of boutiques which collectively have approximately $50 billion of funds under management as of 30 September.
Following the completion of the merger, Treasury Group said that "focus and attention has now turned to integration of management and operations and the achievement of initial cross-selling, investment and other short-term goals".
Treasury Group also revealed that US$47 million of debt was drawn down by a subsidiary of the merger trust to fund simultaneous completion transactions to acquire additional interests in Seizert Capital Partners and Aether Investment Partners.
AUTHOR
Nicholas O'Donoghue
Recommended for you
Australian fund managers are actively seeking to launch Cayman versions of their funds to attract offshore flows, with Regal Partners set to launch its latest offering this month.
As private markets gain traction in Australia but only a limited pool of talent is available, three recruiters explore whether fund managers should consider looking overseas to find top talent.
With an explosion of private credit managers appearing in the market, two alternatives experts believe a consolidation is needed to maintain the quality of the sector.
Bentham Asset Management has become the latest fund manager to expand its distribution team as it reports increased interest in its credit strategies.
