Tyndall Investment Management managing director Brett Himbury has denied a newspaper report saying the Suncorp Group-owned fund manager may be for sale.
Tyndall, which manages $24 billion, was performing well and was very much a part of Suncorp’s wealth management and life insurance division, Suncorp Life, Himbury said.
“Our business is very much part of the Suncorp Life strategy and is performing very well,” he said.
He said the report, published in The Australian Financial Review yesterday, consisted of “inaccurate speculation – two very strong words”.
The report said financial services firms Tower and AMP could be logical buyers of Tyndall. It also mentioned Macquarie Group’s recent acquisition spree.
“No firms have approached Tyndall regarding purchasing Tyndall,” Himbury said.
Spokespeople from Macquarie Group and AMP said they did not comment on market speculation. A Tower spokesperson declined to comment.
Speculation that Suncorp will divest its banking and funds management operations has been increasing since Patrick Snowball, who has extensive knowledge of the insurance industry, was appointed chief executive of the group on 1 July.
Snowball started his role on 1 September, replacing John Mulcahy.
Suncorp has also said life insurance is the main focus of Suncorp Life, which was rebranded from Suncorp Wealth Management earlier this year.
Suncorp’s net profit tumbled 40 per cent to $348 million for the year ended 30 June 2009.
