The deal sees Sydney-based Investors Mutual Limited (IML) become an affiliate of one of the world’s largest fund managers. NGAM will acquire all the shares in IML held by ASX-listed Pacific Current Group (PCG), along with a portion of the shares held by IML founder Anton Tagliaferro, for up to $155m in cash. This will give NGAM an equity stake of 51.9%.
Norton Gledhill, led by principals Hugh Scales and Alasdair McLean, acted for PCG while W Advisers acted for Tagliaferro.
JWS advised Natixis on all aspects of the transaction. Partner Jeremy Davis led the team, with the support of partners Clare Brown, Ravi de Fonseka, Shelley Hemmings, Lucienne Mummé, and Reynah Tang; and consultant Rod Cox.
“The Australian wealth management industry in particular is highly sophisticated, and IML’s views on portfolio construction and risk management align with Natixis Global Asset Management’s Durable Portfolio Construction approach,” said Fabrice Chemouny, head of APAC at Natixis Global Asset Management.
The transaction is the first major Australian acquisition for the Paris-based firm and marks its further expansion into the Asia-Pacific region.
“We have previously stated that it is our intention to pursue new growth in the Asia Pacific market, and this marks the first acquisition as part of those plans,” said Jean Raby, CEO of NAGM.
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Natixis Global Asset Management (NGAM) has acquired a majority ownership stake in an Australian equities fund manager through the help of commercial law firm Johnson Winter & Slattery (JWS).