Based on the terms of the agreement, the acquirer will assume the responsibility of all existing DAMAL funds, and the transaction will not affect the day-to-day operation, administration or investment management of the funds.
Commenting on the acquisition, Ironbark CEO Chris Larsen said that the investment management teams, styles and processes of Deutsche Asset & Wealth Management and Global Thematic Partners are suitable for the company’s growth.
"With approximately $3 billion of assets under management, this acquisition is a major milestone for our business since we launched in 2009," Larsen added.
Post acquisition, DAMAL will be rebranded as Ironbark Asset Management (Fund Services), and the funds will also be renamed and a new product disclosure statement (PDS) will be issued for each fund.
Ironbark through its strategic partnerships with international and Australian fund managers, it provides investment services across various asset classes including Australian and international securities, alternative investments, domestic and global property securities, and fixed interest securities.
