Nikko Asset Management agreed to buy Tyndall Investments, with A$25 billion (US$24.5 billion) in assets under management, from financial services company Suncorp Group.
Terms were not disclosed.
Sydney, Australia-based Tyndall runs equity and fixed-income assets for institutional investors, superannuation funds and private clients, according to a Nikko news release. Tyndall will continue to oversee asset management for Suncorp Group and will be run independently from Nikko.
The acquisition will put Nikko's AUM at A$148 billion and aims to help the company build its Asian and international operations. Nikko has investment management and distribution capabilities in Tokyo, Singapore, London and New York, and an office in Hong Kong.
“We know there is a lot of appetite for Tyndall's products in Japan, as well as significant growth in Australia,” Nikko Chairman and CEO Timothy McCarthy said in the news release.
Spokesmen for Nikko and Suncorp could not be reached for comment.