Boutique funds management organisation Treasury Group has announced it was likely to conclude its merger with US based Northern Lights Capital Group in the next few weeks, missing the original completion date of late October.
In an announcement to the Australian Stock Exchange, Treasury Group said it had satisfied the majority of merger conditions including seeking shareholder consent from both parties and their client funds. However the merger was still dependent on gaining UK regulatory approval as the merged group would continue to manage funds based in the UK.
Treasury Group announced the merger with Northern Lights in August of this year and stated the merger would result in no change of control at the group and that it would hold 61 per cent of the merger entity and majority board representation.
Northern Lights is a privately owned multi-boutique funds management business which holds investments in 13 boutique managers and holds funds under management of $24.2 billion with offices in the US, UK and France. Its model is similar to that of Treasury Group which holds investments in 8 boutique managers and has funds under management of $25.4 billion.
