Henderson acquisitions boost assets by £5.6bn

Henderson Group has increased its assets by £5.6bn by purchasing two businesses and increasing its stake in another.

The asset manager bought the three businesses in Australia, to boost its Asian assets. It has bought Perennial Fixed Interest Partners, which has £4.2bn in assets, and Perennial Growth Management, which has £1.3bn in assets.

Henderson has also increased its holding in £200m asset manager 90 West Asset Management from 41 per cent to 100 per cent.

Following the acquisitions, Henderson’s Asian business now makes up 11 per cent of total firm assets, rising from £4bn previously to £9.6bn now. 

The deal also gives Henderson access to Australian wealth manager and advice platform business IOOF, via the Perennial businesses.

“These acquisitions will give us recognised domestic investment management capabilities to complement our global offering and take us into the top 30 of Australian asset managers,” says Andrew Formica, chief executive of Henderson. “On completion, we will more than double our [assets under management] from Pan Asian clients and have around 40 investment professionals based in the region, managing money on behalf of local and international investors.”

The Perennial deals are expected to close in the last quarter of 2015. The 90 West transaction has already closed.

Henderson recently completed a deal to sell its property business to TIAA-CREF. It sold the 40 per cent stake in the joint venture TIAA Henderson Real Estate for £80m. The £3.3bn Henderson UK Property OEIC was not affected by the deal and stays within the Henderson group.