Fidante Partners, the multiboutique fund management arm of Sydney-based Challenger Ltd., will acquire a minority stake global value manager Avenir Capital, said a spokeswoman for Fidante.
The spokeswoman declined to disclose the size of the stake.
“In line with our strategy to expand our product offering in sought-after asset classes, we are delighted that Avenir is joining our stable of fund managers,” said Ian Saines, chief executive at Challenger's funds management business, in a news release.
Avenir Capital, also an Australian manager, specializes in fundamental, value-oriented and special situation investments in global equity markets.
The firm's founder and chief investment officer, Adrian Warner said in the release: “Since founding the firm our primary focus has been on fundamental, bottom-up investment with high conviction.”
Fidante had A$44 billion ($34 billion) in assets under management as of Sept. 30. Avenir's AUM could not be learned by press time.