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Challenger acquires boutique Asian equities manager
Challenger's boutique funds management arm, Fidante Partners, has acquired Asian equities specialist MIR Investment Management.
The purchase follows the acquisition of a stake in MIR held by Michael Triguboff, and brings the number of boutiques in the Fidante stable to 11.
There have been two executive changes, with John Beggs and Kenny Tjan appointed chief executive and chief investment officer, respectively - but the rest of the team remains unchanged.
Challenger chief executive of funds management Rob Woods said MIR's knowledge of wholesale funds management in Asia Pacific (ex-Japan) and Greater China "fits with Fidante Partners' strategic objective to develop international products for both domestic and offshore investors".
Beggs said: "We are pleased to join forces with Fidante Partners because their model allows us to focus on achieving the best investment outcomes for our clients while maintaining a strong operational backbone."
As at 31 March Fidante had $17.8 billion in funds under management across 10 boutiques, with net inflows of $614 million for the quarter.
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