Challenger’s asset-management-business investor Fidante Partners has acquired Asian asset manager MIR Investment Management.
Sydney-based Challenger did not disclose how much it paid for MIR, its eleventh boutique asset manager. MIR was founded by Michael Triguboff, who worked for George Soros and was a managing director at Lazard.
Tirguboff started MIR in 2003. He has relinquished his executive and chairman duties at the fund and will no longer be involved in the business, says Challenger spokesman Stuart Barton. Triguboff did not return calls seeking comment.
MIR has about $1 billion in assets under management with offices in Sydney, Melbourne and Singapore. It describes itself as a “value manager” whose clients include WA Local Government Superannuation Plan and the Public Eligible Rollover Fund.
John Beggs, MIR’s chief executive, and Kenny Tjan, chief investment officer, will remain in those roles following the takeover.
Fidante will provide MIR with administration, client services, sales and distribution. Fidante had, as of March 31, $17.8 billion in funds under management across 10 boutique asset managers. It had fund inflows of $614 million in the first quarter.
