Nikko Asset Management has agreed to acquire the AUD25bn (USD25bn) fund management company Tyndall Investments from Suncorp Group, one of Australia and New Zealand’s largest financial services organisations.
Tyndall Investments is a manager of Australian and New Zealand investment funds with AUD25bn in assets under management.
The firm manages Australian and New Zealand equity and fixed interest assets on behalf of institutional investors, superannuation funds and private clients in a broad range of equity and fixed income products. With 63 staff and offices in Sydney, Brisbane, Melbourne and Auckland, Tyndall Investments is the 15th largest fund manager in Australia and fifth largest in New Zealand.
Nikko AM will support Tyndall Investments’ stewardship and management of assets for the Suncorp Group, help provide investment products to the company and contribute to Suncorp’s insurance and savings product range across its seven million strong customer base.
The acquisition of Tyndall Investments will take Nikko AM’s assets under management to USD145bn.
Nikko AM has been building out its Asian and international operations. It has investment management and distribution capabilities in Tokyo, Singapore, London and New York, and an office in Hong Kong. In addition the firm owns 40 per cent of Rongtong Fund Management, an investment management company in China.
Timothy McCarthy, chairman and chief executive of Nikko AM, says: “Tyndall Investments brings us a first rate investment team and tremendous local knowledge. We know there is a lot of appetite for Tyndall’s products in Japan, as well as significant growth in Australia. We see the business as a perfect match for yield conscious investors internationally, and our own suite of Asian and emerging market products as complementary to Tyndall Investments’ clients and the Australian market-at-large.”
The purchase price on the transaction is AUD80m (USD80m). Nikko AM’s financial adviser was Keefe, Bruyette & Woods.
