Monday, 25 July 2016
Last updated 42 min ago
Aug 5 2014 | 1:25pm ET
Seattle-based Northern Lights Capital Group will merge with Sydney, Australia's Treasury Group to form a global asset manager platform.
The two firms will form a jointly owned company that is expected to hold interests in boutique asset managers that collectively have more than $46 billion of assets under management as of June 30, 2014.
In addition to creating an expanded global sourcing and distribution platform, the transaction is expected to provide both Northern Lights and Treasury Group increased diversification through its newly combined group of 21 boutiques across a wide range of asset classes.
The merger is also expected to provide broader access to Europe, where both Treasury Group and Northern Lights currently have a presence. Upon closing, management and operations expect to be integrated and the business plans to operate as one group under the direction of a common board of directors. Shares of Treasury Group will continue to trade on the Australian Stock Exchange.
“Northern Lights and Treasury Group share very similar philosophies with both organizations committed to providing creative capital and working diligently to grow our companies,” said Paul Greenwood, managing director at Northern Lights, in a statement. “Through this partnership, we are bringing together the expertise and the resources to create a true global leader in the multi-boutique asset management space.”
Subject to regulatory approvals and customary closing conditions, the transaction is expected to close in the fourth quarter of 2014. William Blair acted as financial advisor to Northern Lights in the transaction.