Australia's Regal Partners soars as stake buy takes assets to $5.1 bln (updated)

Regal Partners

01/11/2023 24:00

(Recasts paragraph 1, adds share moves in paragraph 2 and
further details on deal from paragraph 3)
       Nov 1 (Reuters) - Shares of Australia's Regal Partners
 RPL.AX  rose more than 11% on Wednesday, after the investment
manager said it would buy a 50% stake in Taurus SM Holdings,
bringing group funds under management to A$8 billion ($5.07
billion) on a pro forma basis.
    Shares of the Sydney-based firm climbed as much as 11.4% to
A$1.950 and were on track for their best day since July 1, 2022,
if current gains held.
    The stake buy in financing solutions provider Taurus, worth
A$28 million, is expected to expand Regal Partners' abilities
across alternative investment strategies, the company said.
    "The addition of Taurus further supports Regal Partners' aim
to be the leading provider of alternative investment strategies
in Australia and Asia," Chief Executive Officer Brendan O’Connor
said in a statement.
    Taurus, founded in 2006, currently manages about A$2.3
billion of fee-earning capital across mining finance, mining
royalties and private equity.
    Regal Partners expects the acquisition to be complete in
early November this year and accretive to its earnings per share
in 2024.
    Separately, the company said its funds under management for
the September quarter stood at A$5.8 billion. 

($1 = 1.5778 Australian dollars)

 (Reporting by Archishma Iyer in Bengaluru; Editing by
Subhranshu Sahu)
 ((Archishma.Iyer@thomsonreuters.com;))