WAM Capital buys unlisted investment firm
WAM Capital Limited, which is managed by Wilson Asset Management (WAM), has acquired all the issued capital of an unlisted investment company with net assets of approximately $25.5 million.
The firm said the transaction would benefit existing WAM Capital shareholders and would help increase the size of the investment portfolio in a cost-effective manner.
Also, the company’s board said it was looking forward to engaging in similar transactions in the future.
Under the terms of the deal, consideration for the acquisition would be 13,246,376 new WAM Capital shares, with the number of WAM Capital shares calculated by reference to the relative net tangible asset backing of each company.
AUTHOR
Oksana Patron
Recommended for you
With wealth managers and advisers having minimal capacity for fund research, a BNY report has found simple alternatives strategies from established providers are those which resonate best with that audience.
Platinum Asset Management has seen its third major client withdrawal this year, flagging a large client will redeem $580 million by November.
ETF provider BlackRock has redefined its underlying investment strategy for the iShares Future Tech Innovators ETF and almost halved the management fees as it continues its local iShares product suite review.
Natixis affiliate IML has launched an active ETF aimed at retirees and income-focused investors, while Loftus Peak has unveiled a hedged version of its Global Disruption ETF.
