NEWS today.Pacific Current is believed to be in talks for a deal to buy Fortlake Asset Management for about $70m.
Fortlake describes itself as an experienced fixed-income manager, offering institutional expertise in a specialised setting, focusing on generating returns above inflation.
It oversees the Fortlake Real-Income Fund, which has a minimum return of 2.5 per cent to 3.5 per cent above the prevailing Reserve Bank of Australia cash rate and the Fortlake Sigma Opportunties Fund, where it targets a minimum return of 7 to 10 per cent above the RBA cash rate.
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The fund looks for risk-adjusted return opportunities within global fixed income markets.
Fortlake is founded and run by former UBS Asset Management executive Christian Baylis.
At UBS, Mr Baylis managed over $8bn of assets, and as Head of Derivative Strategy and Credit Trading at the Swiss bank, he managed over $26bn.
It is understood that Pacific Current has issued Fortlake with a term sheet for a potential transaction.
It comes as Regal Funds Management pursues the $545m Pacific Current, launching a $586m proposal that the target has described as opportunistic.
The following day, GQG, which has a market value of more than $4bn, indicated it was considering a bid for Pacific Current.
GQG would easily outmuscle Regal, which would no doubt prompt the group to consider options elsewhere.
Pacific Current’s share price is $10.37, rallying from the $7.80 it was trading at before Regal made its play.
Pacific Current owns 16 high-performing specialist boutiques in key strategic markets, including Australia, India, Luxembourg, the US and Britain.
Regal is already on its register with a 12 per cent interest. Pacific Current has a 4 per cent interest in GQG.
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Last
$10.27 |
Change
0.200(1.99%) |
Mkt cap ! $529.6M |
Open | High | Low | Value | Volume |
$10.20 | $10.41 | $10.17 | $589.9K | 57.54K |
Buyers (Bids)
No. | Vol. | Price($) |
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1 | 25 | $10.27 |
Sellers (Offers)
Price($) | Vol. | No. |
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$10.30 | 2259 | 1 |
View Market Depth
No. | Vol. | Price($) |
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1 | 25 | 10.270 |
1 | 326 | 10.260 |
2 | 2741 | 10.150 |
1 | 446 | 10.130 |
1 | 1482 | 10.120 |
Price($) | Vol. | No. |
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10.300 | 2259 | 1 |
10.480 | 300 | 1 |
10.500 | 7585 | 2 |
10.590 | 150 | 1 |
10.600 | 1039 | 1 |
Last trade - 16.10pm 27/05/2024 (20 minute delay) ? |
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Last
$10.28 |
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Change
0.200 ( 1.65 %) |
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Open | High | Low | Volume | ||
$10.20 | $10.40 | $10.16 | 4332 | ||
Last updated 15.59pm 27/05/2024 ? |
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