Tyndall Investment Management sold
After much speculation it can be revealed that Suncorp-owned Tyndall Investment Management has been sold to a Japanense firm.
Tuesday, November 16th 2010, 12:53PM
Nikko Asset Management has announced it has agreed to acquire fund manager Tyndall Investments from Suncorp Group in an A$80 million deal.
"Tyndall Investments brings us a first rate investment team and tremendous local knowledge," Nikko chairman and chief executive Tim McCarthy said.
The deal was also welcomed by Tyndall Investments NZ managing director Peter Lynn.
"The acquisition of Tyndall Investments by Nikko AM further strengthens a leading asset management operation in Australia and New Zealand that has over A$25 billion in combined funds under management," Lynn said.
"We look forward to the support from a parent that is a major international asset manager with a strong Asian presence and an aligned business capability and focus."
Tyndall Investments is an award-winning manager of Australian and New Zealand investment funds and the acquisition will take Nikko AM's assets under management to US$145 billion.
"Nikko AM is a very large and well-respected investment manager in Asia and we will be keen to take a look at their global products to ascertain potential for bringing to the New Zealand market," Lynn said.
"This acquisition should provide further momentum to the growth of the current $3.6 billion of funds under management in New Zealand."
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