Northern Lights, Treasury Group form Global Multi-Boutique Asset Management Company
Transaction complete; new company creates global multi-boutique asset management firm
SEATTLE, November 25, 2014 – Northern Lights Capital Group (“Northern Lights”), and Treasury Group Limited (“Treasury Group” (ASX: TRG)), today announced the completion of the previously disclosed transaction to merge both companies into an international multi-boutique asset management group. All the required regulatory approvals and other conditions have been satisfied to allow completion.
Each business has been contributed to a jointly owned company (“NewCo”) that will continue to provide strategic support to boutique asset managers worldwide. NewCo holds interests in 21boutiques that collectively have more than $43 billion in AUM as of September 30, 2014. At the time of the close, Northern Lights contributed a transaction value of $196.7 (USD) million and Treasury Group was contributed at current market value, approximately $220.5 (USD) million, making the combined company’s total market value just over $417 (USD) million.
“We are pleased to have satisfied all conditions and requirements to complete our merger with Northern Lights. The transaction is a very significant milestone for both companies and provides a platform for continued earnings growth in years to come,” commented Andrew McGill, CEO, “The combined business delivers strengthened global distribution and investment capabilities which are expected to benefit shareholders, clients and boutique partners alike.”
The 21 boutiques, ranging from domestic and global equities to alternatives and private equity, now have the distribution capabilities across a global network of institutional and intermediary markets.
“Our boutiques now have the ability to leverage our resources on a global level,” said Jack Swift, Global Head of Sales & Marketing, “With the ability to form one distribution team, we’ve enabled our affiliates to continue their growth by reaching investors across the world.”
The newly integrated leadership team will consist of current senior executives from both companies. Management attention has now turned to integration of management, operations, and achievement of cross-regional sales opportunities, new opportunity evaluation and other short term goals.
The business will be advised under the direction of a common Board of Directors, chaired by Mike Fitzpatrick. The Board includes executive members, Andrew McGill, Tim Carver and Paul Greenwood– as well non-executive members including Melda Donnelly- Founder of The Centre for Investor Education, Gilles Guerin- CEO of BNP Paribas Capital Partners, Ruebert Hayes- Senior Fellow of the Financial Services Institute of Australia, Peter Kennedy- Senior Partner at Madgwicks Lawyers, and Jeff Vincent- CEO of Laird Norton Company.
Initially, Treasury Group and Northern Lights will continue to operate under their existing names and brands. For more information on the transaction, please visit treasurygroup.com.
About Northern Lights Capital Group / Treasury Group
Northern Lights Capital Group / Treasury Group is a multi-boutique asset management firm dedicated to providing exceptional value to investors, shareholders and partners. We apply our strategic resources, including operating capital, institutional distribution, and operational expertise to help our affiliated companies excel. After the recent merger, Northern Lights Capital Group / Treasury Group collectively have $43 billion under management across a global platform of 21 boutique asset managers, as of September 30, 2014.