Boston-based Acadian Asset Management has agreed to purchase Colonial First State’s 50 per cent stake in Acadian Asset Management Australia. Colonial First State’s (CFS’s) decision to exit its holding in Acadian Asset Management Australia marks the end of a 10-year joint venture. As a result of the deal, Acadian Australia will be a wholly owned […]
ANZ has become the first major Australian bank to become an ETF manufacturer, via a joint venture with ETF Securities. ETF Securities and ANZ announced the JV, known as ANZ ETFs, at the ANZ Grow Centre in Sydney yesterday. The new company will list six ETFs on the ASX in the next two weeks, pending regulatory approval.
Global fund manager BlackRock has created an Australian fundamental equities team with two new appointments. Former Perpetual executive Charlie Lanchester has been appointed as head of Australian fundamental equities, with Madeleine Beaumont as senior portfolio manager. “The BlackRock Australia business will benefit greatly from having a fundamental equities team,” the firm’s country head, Justin Arter, said. […]
UBS has withdrawn from wealth management in Australia following a management buyout. UBS Wealth Management will be renamed Crestone Wealth Management following a management buyout led by chief executive Mike Chisholm. Crestone will continue to use UBS’s global macro-economic and local equities research and its capital markets deal flow. “Our objective is to create Australia’s first […]
Tom DiChristopher Dealmaking hit an eight-year high in the first quarter as the cost of doing deals remains low and companies are chasing organic growth, the co-president of private equity firm THL Partners said Wednesday. Total announced mergers and acquisitions reached $902.2 billion in Q1, the highest level since 2007. Deals valued at $1 billion […]
Aleks Vickovich A number of Genesys Wealth Advisers member firms have joined BT Select, with more than 20 financial advisers leaving the AMP network despite lucrative offers to stay. An investigation by InvestorDaily sister title ifa revealed that at least 20 advisers formerly aligned to AMP have moved across to rival institution BT Financial Group […]