UK/GLOBAL - As part of its refocusing plans, London-based Rothschild Asset Management is to hive off its Australian arm.
A deal has been reached with Westpac Banking Corporation for the sale of Rothschild Australia Asset Management (RAAM) at a cost of A$323m. The move will mean the Australian branch now focusing on its corporate advisory and merchant banking operations.
The arrangement follows a strategic review, as announced by Rothschild last December, which involved discussions with a range of potential asset management partners for the firm.
Outside Australia, the firm added that it will continue to develop its asset management business. Chairman of the Rothschild Asset Management Group, Baron Eric de Rothschild, said: In recent years, RAAM has operated as an autonomous unit concentrating on the domestic market. This merger with Westpac will allow this business to develop further within the region.
“In the rest of the world we remain committed to the successful development ofour fund management services to both individuals and institutions.
Overall, the firm has around £27bn asset under management.
By Madhu Kalia
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