Pendal Group completes acquisition of US fund manager

On Friday, the investment manager confirmed the acquisition of Thompson, Siegel & Walmsley (TSW), with 96 per cent of TSW client consent secured in just under three months.

Pendal Group CEO Nick Good said the company is “thrilled” with the result.

“It is testament to the compatibility and drive of the two organisations and their teams that we have completed the acquisition well ahead of original expectations,” Mr Good said.

“As a result of the acquisition, we will double our addressable market in the US and extend our ability to generate new FUM through the distribution of both TSW and JOHCM products across an expanded global network.”

TSW CEO, John Reifsnider, will take on Pendal’s consolidated US business and also join the group’s global executive committee.

“John and I have worked closely together to complete the transaction expeditiously, cognisant of the importance of client and team support for the go-forward proposition,” Mr Good said.

“I am very pleased that John will be taking on this key role.”

Mr Reifsnider added. “The team and I are more convinced than ever of the merits of bringing together these two culturally aligned and forward-looking businesses.

“We believed from the outset that both organisations are a natural fit with compatibility in investment philosophy, client service and our entrepreneurial approach.

“The teamwork in delivering early completion and client consent is validation of this view and bodes well for future success.”

The acquisition was well supported from Pendal’s institutional and retail shareholders, with $380 million raised in total.

Mr Good said it has already delivered “immediate value” for shareholders and a distinct change in Pendal’s diversification, scale and client offering.

It is expected that 100 per cent of TSW client consent will be achieved shortly.

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.