HFA Holdings Limited
(ASX:HFA) has agreed to sell its Australian subsidiary Certitude Global Investments to Ironbark Asset Management.
HFA has advised the total consideration is expected to be about $3 million and the transaction is expected to be tied up by the end of April.
HFA says it decided to sell the asset to create value for its shareholders, Certitude’s partnered investment managers and investors in Certitude funds.
Ironbark is an independent global asset manager and says the acquisition is in line with its strategy to maximise its footprint in the Australian asset management market.
HFA Holdings reported a net profit of $152 million in the first half of the 2015 financial year.
