Oct 18 (Reuters) - Australian wealth manager GSFM on Friday said it had bought a 49% stake in boutique fund manager Redpoint Investment Management from National Australia Bank-owned (NAB) MLC Asset Management, for an undisclosed amount.
GSFM, which is owned by Canada's CI Financial Corp CIX.TO , said the combined firms would manage more than A$17 billion ($11.61 billion) in assets.
"GSFM’s acquisition of a 49% equity stake in the business will allow the Redpoint team to focus on investment management, while also introducing our funds to a wider audience," Redpoint CEO Max Cappetta said.
The deal will also see Redpoint co-founder Ganesh Suntharam replacing fellow founder Eric Smith as chief investment officer.
($1 = 1.4648 Australian dollars)
Oct 18 (Reuters) - Australian wealth manager GSFM on Friday...
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Last
$41.95 |
Change
0.090(0.22%) |
Mkt cap ! $128.4B | |||
| Open | High | Low | Value | Volume |
| $42.04 | $42.21 | $41.87 | $87.68M | 2.087M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 5 | 1280 | $41.86 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $42.03 | 15621 | 2 |
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| NAB (ASX) Chart |