Maple-Brown Abbott Ltd. has acquired the management rights of two funds from Advance Asset Management Ltd. The purchase price was not disclosed.
“Advance is now focusing on multi-blend funds and has moved away from single manager funds,” says Garth Rossler, managing director of Maple-Brown Abbott.
Advance will continue to administer and provide custody services for two funds Maple-Brown Abbott has acquired: Maple-Brown Abbott Imputation Fund and Maple-Brown Abbott Australian Geared Equity Fund.
The two funds have assets of $671 million. Ironbark Asset Management, co-founded by Chris Larsen and Brendan Carpenter, will sell the funds.
Maple-Brown Abbott has been the sole investment manager of the imputation fund, whose net annual return has been 9.9 per cent per annum since it was started in June 1986. This fund makes up 96 per cent of the value of the funds Maple-Brown Abbott has acquired.