Colonial First State's (CFS's) decision to exit its holding in Acadian Asset Management Australia marks the end of a 10-year joint venture.
As a result of the deal, Acadian Australia will be a wholly owned subsidiary of Acadian Asset Management LLC (Acadian LLC).
A statement by Acadian said the two firms would maintain a strong relationship, with "Acadian Australia appointing Colonial First State as sole distributor of its investment strategies to the Australian retail market".
"In addition, Colonial First State will remain as responsible entity for the Acadian Australia funds," the statement said.
"Acadian LLC’s purchase will further align Acadian Australia’s investment and client service teams and systems to its core operating model around the world," Acadian said.
Acadian Australia chief executive Andrew Hair will continue to lead the local operation and will remain a member of the Acadian Australia Board, Acadian said.
Acadian LLC chief executive Churchill Franklin said: "We’re delighted with the development of the Acadian business in Australia under the stewardship of Andrew Hair."
"Since 2012, the assets under management of both Acadian Australia’s equity business and Acadian LLC in Australia have more than doubled to around AUD$4.5 billion.
"We continue to offer our clients strong – and often tailored – investment solutions for their requirements.
"Our 100 per cent ownership of Acadian Australia means our clients will benefit from the increased alignment with Acadian around the world but will also enjoy ongoing support from Colonial First State in the Australian retail investment market," Mr Franklin said.
Linda Elkins, executive general manager of Colonial First State, said: “The joint venture with Acadian in Australia has been successful over the past 10 years. We look forward to continue providing Acadian’s market leading capabilities to the Australian retail market.”
