First Sentier closes four Australian investment teams
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The news: Global investment manager First Sentier Investors will close four of its Australian-based investment teams, after a review of its investment capabilities in Australia.
The numbers: First Sentier has assets under management of $237.6 billion as at 31 December 2023, with a client base across Asia, Australia, Europe and North Ameria.
The context: The Sydney-based company said it will close its Australian-based investment teams Australian fixed income, global credit, equity income and emerging companies after concluding "they have been unable to achieve growth that meets our ambitions" despite delivering "strong client outcomes over a long period of time".
First Sentier said its strategy is to drive business growth by providing a range of high quality and differentiated investment offerings to meet the evolving needs of its clients, including through organic and inorganic investment.
It cited shifting industry dynamics such as client consolidation, internalisation of investment management and ongoing margin pressures as impacting the outlook for investment businesses.
What they said: First Sentier's global head of investment management David Allen said: “Our growth strategy requires us to have a clear focus on capabilities that are most relevant to our clients and where possible, simplify our business".
“We will work closely with our clients over the coming months to support them during this transition,” he said.
First Sentier's CEO Mark Steinberg said: “We will continue reviewing opportunities for growth, seeking to add additional global and regional capabilities over time, which are aligned with clients’ evolving needs".
The source: First Sentier Investors
