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  • Seller
  • Buyer
  • Type
  • Date Announced
  • Seller AUM
  • Non-controlling interest in Altrinsic Global Advisors
  • National Australia Bank Ltd
  • Institutional Advisor
  • July 14, 2011
  • $12 Billion

Seller Details

Altrinsic Global Advisors, LLC is a highly focused investment boutique specializing in company research and the identification of investment opportunities among listed global equities. By applying time-tested principles of fundamental, intrinsic value investing, Altrinsic capitalizes on its investment professionals’ unique expertise and cross-border perspectives. Altrinsic seeks to deliver long-term capital appreciation through portfolios that prudently express its conviction.

Altrinsic partners globally with long-term sophisticated investors, offering them a high degree of transparency and dialogue. Located in Europe, North America, and the Pacific Rim, the firm’s clients include corporations, endowments, foundations, government entities, pension plans, high-net worth, and sub-advisory relationships.

Buyer Details

National Australia Bank Ltd (NAB) is an international financial services organization and one of Australia’s largest listed institutions, while nabInvest is NAB's direct investment management business.  nabInvest partners with quality investment management firms, enhancing their capabilities with the support of the NAB Group’s resources. This can include back office support and assistance with product and distribution services along with custody and corporate governance functions. nabInvest’s business partners are Cambridge Industrial Trust Management, Lodestar Capital Partners, Fairview Equity Partners, Pengana Capital, Northward Capital, Presima Inc. and Wiltshire Capital, as well as the Antares Capital, MLC Private Equity and AREA Property Partners businesses.

Transaction Summary

National Australia Bank’s direct asset management business, nabInvest, announced it has acquired a non-controlling interest in Altrinsic Global Advisors (Altrinsic), a global equities fund manager based in Greenwich, CT.

Altrinsic is a high conviction, fundamental value oriented global equity manager. They identify investment opportunities via their bottom-up research covering larger to smaller companies across developed and emerging markets.

Garry Mulcahy, CEO nabInvest said the acquisition is nabInvest’s first investment in a global equities manager.

“Our partnership with Altrinsic marks an important milestone in the execution of NAB’s direct asset management strategy.

“Global equities is a key asset class for nabInvest to gain exposure to. We have been looking for a high quality international equities manager for some time and we now have a footprint in a range of major asset classes, including Australian equities, global equities, fixed income, real estate and private equity.

“Global asset classes, such as international equities, will continue to be attractive, especially given the current heavy bias of Australian investors to Australian equities. As the pools of superannuation funds increase, investors will need to look offshore to find value.

“Australian investors will look to managers, such as Altrinsic, who have deep international expertise plus a very strong long term track record.”

Altrinsic was founded in 2000 and manages over US$12 billion for clients globally, including US$3 billion from leading institutional Australian investors.

nabInvest, through its in-house management teams and external partners, manages approximately AU$45 billion.

The terms of the agreement with Altrinsic are confidential.

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