Henderson buys two Perennial funds and 90 West
Henderson Global Investors has made two outright Australian fund acquisitions - Perennial Fixed Interest Partners and Perennial Growth Management, bought from IOOF Holdings.
Concurrently, Henderson has also upped its stake in 90 West Asset Management from 41% to 100%.The deals increase Henderson's pan-Asian AuM to 11% of the group's total, up from $6.09bn to $14.6bn.
IOOF will receive an upfront payment and a deferred component dependent on future business performance, payable after two and four years.
All three acquisitions are to be funded from existing cash and will be completed in the fourth quarter of this year. The deals have had a major impact on Henderson’s pan-Asian growth strategy which is now around five years ahead of forecast.
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