NabInvest, the boutique incubator arm of NAB Group, has been approached by a number of asset managers that want to sell part or all of their firm as it looks to expand its activities to include all major asset classes.
"There is no shortage of opportunities - we just have to be selective about the opportunities that we get excited by," MLC and NAB Wealth asset management executive general manager Garry Mulcahy said.
NabInvest has acquired five asset management businesses since its establishment in November 2007, but has looked at 77 potential transactions including start-ups, mid-sized businesses and asset management teams of large foreign financial institutions.
"Because of who we are, we get approached on every opportunity," Mulcahy said.
The company's ambition is to own stakes in asset management businesses across the major asset classes, including domestic equities, international equities, property, cash and fixed interest.
"When we set out on this, we thought it was going to take us three, four, five years to build our portfolio of businesses across each of those asset classes. We are about 18 months into that journey and we have got together four or five of these opportunities and we'll continue to look," Mulcahy said.
Since its inception, NabInvest has acquired interests in Antares/Lodestar, Northward Capital, Pengana Capital, Fairview Equity Partners, National Specialist Investment Management and Cambridge Industrial Trust through its joint venture with Oxley Corporate.
The combined funds under management are currently in excess of $19 billion.
"Like all of these opportunities, at the end of the day they are opportunistic. You've got to find the right opportunity, at the right time, that is commercially attractive," Mulcahy said.
