Equity Trustees has established a presence in the UK by taking a majority stake in London-based Treasury Capital.
Treasury Capital provides authorised corporate director services in the UK as well as UCITS management solutions in Ireland via its subsidiary Treasury Capital Fund Solutions.
The acquisition, which is not material for Equity Trustees, will be funded out of existing cash and debt facilities, according to a statement posted on the ASX on Friday.
Equity Trustees chairman Tony Killen said the acquisition would provide the trustee company with a presence in the UK.
“With markets rapidly globalising, Equity Trustees is positioning itself to be a provider of choice for independent, trusted services to fund managers internationally,” Mr Killen said.
Equity Trustees managing director Mick O’Brien said, “This acquisition is the first step in our plan to expand our corporate services into the global market, including the important UK and European markets, which are global funds management centres, and Asia, where UCITS vehicles are the dominant offshore structure used by most global funds managers.
“Funds management vehicles and regulations are being increasingly streamlined so they can be offered across multiple countries. There is also an increasing need for independent services as fund managers grow and seek to operate across international borders.”
