The partnership will see Charter Hall make a 50 per cent strategic investment in Paradice, which has $18.2 million in funds under management, while Paradice staff will continue to hold the remaining 50 per cent ownership.
Paradice confirmed it will also retain its brand and operate autonomously and says the partnership will expand its capability to collaborate across a larger group with strong retail and institutional client base.
“This partnership represents a rare opportunity to invest in a large scale, high-quality listed equities fund manager with $18.2 billion of FUM and a 20-year track record, building upon and significantly expanding our existing listed real estate equities business,” Charter Hall managing director and group CEO David Harrison said.
“It diversifies Charter Hall’s FUM and earnings streams, introduces new client relationships to both businesses across the markets we operate in.”
Paradice managing director David Paradice said he sees a “natural and cultural fit” between the businesses.
“We share the same views on the importance of partnership with our clients to deliver mutually beneficial outcomes,” he said.
“Our team are excited to the partnership with Charter Hall and embarking on the next chapter of growth together.”