Regal Partners buys investment manager, funds managed jump to $6.9 bln (updated)

Regal Partners

02/11/2023 23:24

(Adds details on deal, company comments, and share move)
       Nov 3 (Reuters) - Australian investment manager Regal
Partners  RPL.AX  said on Friday it agreed to buy premier
financial service provider PM Capital Ltd, which would take its
total funds under management to A$10.8 billion ($6.94 billion)
on a pro-forma basis.
    Regal Partners would buy PM Capital, which managed in excess
of A$2.7 billion as at September-end, for around A$150 million.
        Shares of the investment manager were trading 1.1%
higher at A$1.92 as at 2316 GMT.
    The announcement comes just two days after Regal announced
the acquisition of financing solutions provider Taurus SM
Holdings, which adds around A$2.3 billion to its funds managed,
which stood at A$5.76 billion as at September-end.
    Regal Partners expects PM Capital's acquisition to add to
its earnings per share in fiscal 2024 prior to any synergies.
        "The addition of PM Capital to the Regal Partners group
will provide a further extension to Regal's existing global
equities and credit investment capabilities," the investment
manager said in a statement.

($1 = 1.5552 Australian dollars)

 (Reporting by Roshan Thomas in Bengaluru; Editing by Shailesh
Kuber)
 ((Roshan.Thomas@thomsonreuters.com;))