<!-- Swiftype Variables -->

Money Management

TSB Community Trust, TA Associates to acquire Fisher Funds

The TSB Community Trust, a charitable trust for the Taranaki western region of New Zealand's North Island, will acquire the 51% of Auckland-based Fisher Funds it doesn't already own and then sell a 34% stake in the firm to Boston-based private equity firm TA Associates, confirmed Hayden Wano, the trust's chairman, in a telephone interview.

Terms of the deal aren't being disclosed at this point, said Mr. Wano.

A joint TSB-Fisher Funds news release Thursday said after acquiring the remaining stake in New Zealand's fifth largest money management firm, with NZ$7 billion ($5.2 billion) in assets under management, TSB will sell an initial 24.99% stake to TA Associates. After obtaining needed regulatory approvals, a further sale will lift TA's stake to 34%, leaving TSB with a majority 66% interest in Fisher Funds.

The deal, which follows TSB's purchase of an initial 26% stake in 2013 and an additional 23% stake in 2015, is expected to close this month.

The news release said Bruce McLachlan, who took the helm of Fisher Funds in April from founder and managing director Carmel Fisher, will continue to lead the firm. Ms. Fisher will remain a director on the firm's board and a member of its investment committee.

Also joining the board is Edward F. Sippel, a Hong Kong-based managing director with TA Associates.

Neither Mr. Sippel or Ms. Fisher could be reached for comment.