Australian Ethical to grow FUM above $12bn with new acquisition

Posted by Anton Murray Consulting on 7 Jun, 2024

InvestorDaily

Australian Ethical has entered into a binding agreement to acquire sustainable fixed income asset management business Altius Asset Management from Australian Unity. The acquisition, when completed, will see Australian Ethical boost its funds under management (FUM) by circa $2 billion to $12.3 billion. Australian Ethical is set to pay Australian Unity $4.25 million in cash upon the completion of the transaction, which will be subject to the satisfaction of conditions precedent that are expected to occur in July.

An additional $1.25 million will be payable if Australian Unity investment meets certain transition steps and maintains agreed minimum FUM targets. While at a lower revenue margin consistent with the fixed income asset class, the transaction is expected to generate circa $1 million of EBITDA in FY25 and will be EPS accretive from financial close. “The acquisition of leading fixed-income fund manager Altius is another important milestone for Australian Ethical as we scale and broaden our investment capability consistent with our strategy and Ethical Charter,” said Australian Ethical CEO, John McMurdo.

The rest of this article can be found at investordaily.com.au.

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