Pendal Group (ASX: PDL) has announced the completion of its acquisition of the US-based investment management company Thompson, Siegel & Walmsley (TWS).
Pendal is an active global investment manager. The company says early completion reflects the cultural and commercial alignment of both teams and a commitment to realising growth opportunities.
Pendal CEO Nick Good said: "We are thrilled to welcome the TSW team and its clients to Pendal Group. Client support has been incredibly strong, with 96 per cent TSW client consent received in just 11 weeks. As a result of the acquisition, we will double our addressable market in the US and extend our ability to generate new FUM through the distribution of both TSW and JOHCM products across an expanded global network."
There was strong support for the acquisition from Pendal’s institutional and retail shareholders. As a result, the successful placement and share purchase plan raised $380 million.
Mr Good said, “The acquisition has delivered immediate value for our shareholders and a step change in Pendal Group’s diversification, scale and client offering."
Shares in Pendal (ASX:PDL)
are trading 0.5 per cent lower at $8.00.