Henderson Group plc (“Henderson”, “the Group”) has agreed to acquire 100% of Perennial Fixed Interest Partners Pty Ltd (“PFI”) and Perennial Growth Management Pty Ltd (“PGM”) from IOOF Holdings Ltd (“IOOF”) and the employee-shareholders of each company. The two companies have combined Assets Under Management (AUM) of £5.5bn (A$10.7bn)1,2.
In a separate transaction, Henderson has increased its ownership of 90 West Asset Management Pty Ltd (“90 West”) from 41% to 100%. 90 West has AUM of £0.2bn (A$0.3bn) in global natural resources equities funds and segregated mandates.
Highlights
These acquisitions accelerate Henderson’s strategy to grow and globalise its business, taking its Pan Asian AUM to 11% of the Group’s total3 from £4.0bn (A$7.8bn) to £9.6bn (A$18.7bn).
Perennial’s fixed income and equities expertise will significantly extend Henderson’s offering to Australian clients, adding domestic investment management capability to Henderson’s globally focused offerings and providing a broader platform for future growth in the Australian market.
The Perennial transactions create an opportunity to forge a strong relationship between Henderson and IOOF, one of Australia’s leading wealth management and advice platforms.
HGG Price at posting:
$5.70 Sentiment: Buy Disclosure: Held
