Treasury Group is looking for more acquisitions.

After adding a seventh asset manager to its stable of boutiques, Treasury Group’s chief executive Andrew McGill expects to sign an agreement with an eighth asset manager before year end.

“We’re in active dialogue with a number of parties,” says McGill. “I expect an announcement before the end of the calendar year.”

Last month Treasury Group announced it had paid $1.4 million for a 30-per-cent stake in Melbourne hedge fund Evergreen Capital Partners. Evergreen manages $100 million and has a $70-million joint venture with Freehold Investment Management that invests in real estate and infrastructure securities.

Evergreen founder Tim Hannon, who still has a majority stake in the firm, declined to comment. Jo Rylance, Evergreen’s chief operating officer, sold her stake in the firm to Treasury Group and will continue to work at Evergreen.

McGill has restructured Treasury Group, getting rid of asset managers he did not think were performing up to scratch.

In October 2011 he appointed Treasury Group’s Aubrey Capital Management as the asset manager for Global Value Investor, an international equities fund manager.

Executives at hedge fund AR Capital resigned, forcing McGill to search for a fund manager for the portfolio. He chose Evergreen in December and that deal led to Evergreen being incorporated into Treasury Group’s stable.

McGill says Treasury Group’s asset managers collectively manage about $17.2 billion.

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