October 17, 2019 / 9:16 PM / 9 months ago

Australia's GSFM buys 49% stake in boutique fund manager from NAB unit

Oct 18 (Reuters) - Australian wealth manager GSFM on Friday said it had bought a 49% stake in boutique fund manager Redpoint Investment Management from National Australia Bank-owned MLC Asset Management, for an undisclosed amount.

GSFM, which is owned by Canada’s CI Financial Corp, said the combined firms would manage more than A$17 billion ($11.61 billion) in assets.

“GSFM’s acquisition of a 49% equity stake in the business will allow the Redpoint team to focus on investment management, while also introducing our funds to a wider audience,” Redpoint CEO Max Cappetta said.

The deal will also see Redpoint co-founder Ganesh Suntharam replacing fellow founder Eric Smith as chief investment officer.

$1 = 1.4648 Australian dollars Reporting by Ambar Warrick in Bengaluru Editing by Chris Reese

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