Fiera Capital has agreed to acquire part of AMP Capital's global equities business, bringing a four-person team and more than $500 million in assets to the firm.
Subject to regulatory and other approvals, Fiera will acquire AMP Capital's global companies unit, including a UCITS platform and the AMP Capital Global Companies fund in Australia and New Zealand.
The amount to be paid for the global companies unit "is not material to AMP or AMP Capital," a news release on AMP Capital's website said. Financial details were not disclosed.
London-based Simon Steele will join as lead portfolio manager and Neil Mitchell will become a portfolio manager, a Fiera spokesman said. Portfolio Managers David Naughtin and Andy Gardner are based in Hong Kong and Sydney, respectively.
A spokeswoman for AMP Capital confirmed that the team will not be replaced due to the acquisition and transfer of the unit.
The new team and strategy will be rebranded, the Fiera spokesman said. Fiera's global equity AUM was C$31.9 billion ($25 billion) as of Dec. 31.
"The team is a perfect fit with the company, sharing in our client-focused culture and dedication to investment excellence," Jean-Philippe Lemay, global president and chief operating officer, said in a Fiera Capital news release. "What's more, the acquisition of a global equity team capability outside of North America builds on our global ambitions of building robust investment platforms in markets where we see opportunities for growth."
AMP Capital said in August that it was exploring opportunities for its global equities and fixed-income businesses, including partnerships.
"This agreement delivers on AMP Capital's strategy to find the best opportunities for our (global equities and fixed income) capabilities to achieve scale and accelerate growth," Simon Warner, AMP Capital's global head of public markets, said in the AMP news release. "After being established in 2017, (the Global Companies fund) has delivered great returns for our clients and I have no doubt that this will continue under new leadership."
AMP Capital had A$189.8 billion ($145.4 billion) in AUM as of Dec. 31. Fiera Capital had C$180.2 billion in AUM as of Dec. 31.