(Bloomberg) -- Antipodes Partners Ltd. will acquire Maple-Brown Abbott Ltd. in the latest consolidation of Australian money management firms.
The combined group will oversee A$18.6 billion ($12.3 billion) with the addition of Sydney-based Maple-Brown, according to a joint statement from the two firms Wednesday.
Under the deal, Maple-Brown will be managed as a discrete entity and maintain separate brands and investment teams, the statement said. The firm’s global listed infrastructure investments will continue to be majority owned by its investment team led by Andrew Maple-Brown, Steven Kempler and Justin Lannen, the companies said.
“The transition to new ownership will improve Maple-Brown Abbott’s market position in a highly competitive environment by operating under the enhanced Antipodes group structure and leveraging high quality distribution and support services,” Andrew Maple-Brown said in the statement on behalf of founder Robert Maple-Brown’s family, the majority owners of the investment house.
The deal with Antipodes, an affiliate of Pinnacle Investment Management Ltd., marks the latest deal among active managers in Australia. In May, one of Australia’s largest fund managers Perpetual Ltd. carved out its wealth management and corporate trust arms to become a standalone asset manager overseeing A$227 billion.
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