Natixis acquires Australian asset manager IML
Natixis Global Asset Management has reached an agreement to purchase a majority stake (51.9%) in Australian asset manager Investors Mutual Limited (IML).
With the IML deal, Natixis Global Asset Management will achieve its first major acquisition in Australia as its bids to increase its exposure to the local retail market and the Australian superannuation industry.
Established in 1998, IML has expertise in Australian equities, focusing on value style, and tallies assets under management of AU$9.1bn.
Natixis said in a statement announcing that the deal adds to its current distribution platform in Australia, following the establishment of an office in Sydney in 2015.
According to the terms of the acquisition, Natixis Global Asset Management will acquire all the shares in IML held by Pacific Current Group Limited, along with a portion of the shares in IML held by IML founder Anton Tagliaferro, for a deal that, it says could go up to AU$155m in cash. This will give Natixis an equity stake of 51.9% in IML.
The transaction is expected to close in October 2017 and the acquisition will be financed out of Natixis’ own funds. The estimated impact for Natixis CET1 ratio is around -15 bps (4Q17), the company said.
Jean Raby, member of Natixis Senior Management Committee and CEO of Natixis Global Asset Management said: “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.
Natixis Global Asset Management currently has over 20 affiliates.