Gary Mulcahy, chief executive of NabInvest, wants to take stakes in an infrastructure and a global fixed income fund as the unit of National Australia Bank Ltd. seeks to double its assets to $90 billion.
Mulcahy says he hopes to clinch an investment in an infrastructure fund in the next year. An investment in a global fixed income fund may be announced by September, he says.
NabInvest has stakes of between 25 per cent and 100 per cent in 11 fund managers around the world who together manage $45 billion. This month it took a 24.9 per cent stake in Greenwich, Connecticut-based Altrinsic Global Advisors LLC that invests in global stock markets.
“In the next five years we’ll double our funds under management,” says Mulcahy.