AUSTRALIA - Aberdeen Asset Managers has won a A$110m fixed income mandate with multi-manager Intech, recently acquired by superannuation provider Skandia.
Aberdeen forms part of the recently launched International Bonds Active (Hedged) Trust, offered to super funds.
Intech, which currently has approximately $8.8bn under management, was acquired by Skandia in November, giving rise to one of the largest Australian multi-managers with over $13bn in combined funds under management.
The acquisition saw both companies continuing to focus on their respective clients and retaining their respective brands. Intech will continue to offer its implemented consulting model and as a result of the acquisition, Skandia, part of Old Mutual, will have access to the institutional market.
"Both companies reap the benefits of scale and increased distribution through both the retail and institutional markets," Intech CEO, Michael Monaghan said.
“We were looking for greater access to investment capabilities, to capital and to improved economies of scale. We also had a desire for succession planning for one or two of our founding partners. Additionally, accessing the retail market is one of the big benefits. It was one of the capabilities we were looking for in a provider.”
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