Funds Management News
Canada’s RBC buys Yarra Capital as scale wins in asset race
AFR
Yarra Capital executive chairman Dion Hershan says scale will triumph in asset management after confirming that the $18 billion fund manager he co-founded almost a decade ago will be sold to Canadian banking giant Royal Bank of Canada. Yarra was spun out of Goldman Sachs Asset Management in 2017 in a private equity-backed management buyout. It was sold to RBC for an undisclosed sum on Tuesday.
Hershan is among the key staff who own shares in Yarra alongside private equity firm TA Associates and Amova, formerly known as Nikko Asset Management. “Ten years ago, the desirable business model was an independent firm, a boutique that specialised in one thing,” Hershan said. “A decade later, it’s absolutely inverted.”
The rest of this article can be found at afr.com.
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