National Australia Bank's (NAB) direct asset management business, nabInvest, has acquired a minority stake in fixed income manager Peridiem Global Investors.
The Los Angeles-based firm was established in March 2011 by portfolio managers Andrew Stenwall, Emmanuel Labrinos and Christian Romon, who all previously worked at Nuveen Asset Management.
The firm consists of 15 investment managers, most of which have joined from Nuveen.
Stenwall, who is also the chief executive of the firm, has also worked at Banc of America Capital Management, where he led a team of 80 investment managers and managed US$170 billion in fixed income assets until he left for Nuveen in 2004.
"Peridiem provides broad global fixed income skills covering over 30 countries and currency markets, which complements nabInvest's strategy to build a sustainable and diversified asset management business," nabInvest chief executive Garry Mulcahy said.
"We are pleased to have been able to partner with such a well-credentialled, well-resourced and experienced team in an asset class that continues to have strong demand from Australian investors."
Earlier this month, nabInvest announced it had acquired Aviva Investors Australia, and it now manages over $50 billion in assets.
