Switzer Daily
The walls of the Melbourne headquarters of
Equity Trustees (EQT) are adorned with the portraits of former
prime ministers, premiers and governors-general who have served on the board of
the stately 133 year old institution.
The roll call of dignitaries includes 19
th century
premier Sir Charles Sladen, prime ministers Stanley Bruce and Robert Menzies
and former governor general Ninian Stephen.
In Marc,h former Abbott/Turnbull era Cabinet minister Kelly
O’Dwyer joined the board, filling a seat vacated by former Victorian premier
and Hawthorn Football Club president Jeff Kennett. (Kennett’s great
grandfather, Edward Fanning was a director for 30 years from 1888 to 1917).
Pendal Group acquires US investment management company
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Pendal (ASX:PDL) share price slips on capital raising efforts
Aaron Teboneras | May 11, 2021 10:41am |
More on:
The
Pendal Group Ltd(ASX: PDL) share price is backtracking today after providing an update on its equity raise.
At the time of writing, the fund manager’s shares are swapping hands for $7.17, down 2.3%.
What did Pendal announce?
Investors are heading for the hills after Pendal shares come out of a trading halt today.
In this morning’s release, Pendal advised it has completed a fully underwritten institutional placement. The offer received significant interest in which both new and existing institutional investors participated to raise $190 million.
Pendal’s Transformational Shift Into Value
May 11 2021
Completely overshadowing Pendal Group’s result, revelations the company is fully acquiring US-based fund manager Thompson, Siegel & Walmsley consummates management’s long-standing desire to add global value funds
-US acquisition to be double-digit EPS accretive
-Rebound in investment performance across UK/EU expected to enhance performance fee prospects
-FUM attrition risk could undermine EPS accretion
-100% acquisition of TSW fundamentally changes the incentivisation structures of the business
By Mark Story
While Pendal Group’s ((PDL)) strong first half 2021 result demonstrated some improving fundamentals for the fund manager, the announced 100% acquisition of Thompson, Siegel & Walmsley (TSW) overshadowed the result, with brokers quick to conclude the deal will be double-digit earnings per share (EPS) accretive.
Richmond investment management firm TSW to be acquired for $320M
Michael Schwartz photo)
A longtime Richmond investment management firm has found its latest suitor by way of Australia.
Thompson, Siegel & Walmsley, also known as TSW, is set to be acquired by Pendal Group for $320 million, the companies announced this week.
Headquartered in the West End, TSW has $23.6 billion in assets under management, adding to $21.1 billion which Pendal manages in the U.S. under its J O Hambro Capital Management subsidiary.
The deal, expected to close later this year, will give Pendal ownership of 100 percent of TSW, including the 25 percent owned by TSW management and the other 75 percent owned by investment management firm BrightSphere.
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