MIR Investment Management founder and managing director Michael Triguboff has sold his interest in the asset management group to the Challenger Group (Challenger).
Challenger will bring MIR into its stable of boutique fund management firms, which was recently re-named Fidante Partners. However MIR will continue to operate as an independent firm.
"After deciding to focus on areas other than institutional funds management, I sold my interests in the MIR group to the Challenger Group," Triguboff wrote in an email to clients last week.
MIR was fully owned by its employees, while Triguboff was the largest shareholder in the group.
The firm will be led by chief investment officer John Beggs and head of quantitative research Kenny Tjan.
Beggs confirmed the transaction to InvestorDaily, but was unavailable for further comments.
A Challenger spokesperson was unavailable for comment.
The firm has gone through a rough patch over the last three years losing almost three quarters of its assets under management (AUM).
In mid 2009, the firm had about $4 billion in AUM, but as of 31 March 2012 the company had just $1.1 billion left.
Clients left the firm as a result of a disappointing performance, which ultimately led to a restructuring of the firm in 2010.
The restructuring saw a reduction of the Australian qualitative analyst team, and included the departure of the team's head, Derek Ovington.
But, more recently it has won new mandates for its Asian investment strategies, including a $360 million mandate from Skandia Investment Group to run its Skandia Greater China Equity fund.
MIR was established in June 2003 by Triguboff, the former managing director of Lazard Asset Management Pacific, and its investment team initially included Professor Ron Bird, Brett McElwee and Owen Evans.
The departure of Triguboff means that none of the original investment managers are still with the firm.
