Magellan's MFF Capital Investments to buy Montaka Global
Make us a preferred source
Make us a preferred source on Google
The news: Investment manager MFF Capital Investments has agreed to buy global fund manager Montaka Global as it looks to strengthen its capabilities.
The numbers: MFF did not disclose the financial details of the transaction, but said Montaka Global, with offices in New York and Sydney, has approximately $260 million of funds under management across three main funds.
MFF shares were up 0.5% to $3.86 in early trading on the ASX.
The context: MFF said under its ownership Montaka’s primary focus will be its research and portfolio management systems to target long term results for unitholders in the funds it manages.
The target company’s existing senior investment team of Andy Macken, Chris Demasi and Amit Nath will continue in their respective roles as chief investment officer, portfolio manager and director of research, and all staff will be retained. Montaka and its funds will operate independently of MFF, which will continue to be managed by its existing portfolio manager.
MFF said it considers broadening its research team, expanding its research capabilities, better using research technology and being open to opportunities in addition to its existing portfolio “winners”, will be a successful adaptation and likely increase potential for returns over the medium and longer terms.
MFF is part of Magellan Financial Group.
The source: ASX announcement
