It has committed to tip in about $30 million, over time, via a capital call structure put in place in late June.
Washington H Soul Pattison has struck an old-fashioned agreement to bankroll Ironbark Asset Management’s acquisition ambitions in the wealth advisory market.Street Talk understands Soul Patts committed to tip in around $30 million, over time, via a capital call structure put in place in late June.
The two companies have been friends for about six years. Soul Patts owned 30.7 per cent of Ironbark Asset Management before the deal, held in its private equity portfolio alongside the likes of electrical engineering business, swimming lessons company Aquatic Achievers, WHSP Water Holdings and WHSP Agricultural Holdings. [Copper miner Round Oak Minerals also sat in the mix, before being bought by ASX-listed Aeris Resources via a shelved initial public offering.
The trustee business provides responsible entity services for funds and financial advice business, while the wealth advisory arm has been taking minority stakes in advice businesses.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Elsy Wameyo on learning her roots: ‘I felt I had this coat of power. No one could touch me’The Adelaide artist’s debut EP is a dizzying assemblage of rap, R&B and soul which celebrates her Nilotic Kenyan heritage, and her spirituality
Read more »
Chinese police to give ‘management and leadership’ training to Solomon Islands officersSenior police boss also did not rule out having Chinese police officers embedded within the force, after signing of controversial security deal
Read more »
M&A targets bolster defences as bidders hunt for bargainsTakeover targets are increasingly implementing strategies to prepare for the potential increase in opportunistic approaches.
Read more »
Winners of hit new reality show Hunted plan to use prize money to start familiesThe first season of the reality show had two winners, each from a separate team, but with the same ambition: to fund the conception of a child.
Read more »
Indonesia’s nuclear subs protest shows Australian relations will be no easy rideAnalysis: Indonesia’s anxiety over AUKUS has not morphed into a diplomatic flashpoint, but concerns over Australia's nuclear submarines still signal challenges ahead | ChrisBarrett_
Read more »
Putin’s reported girlfriend Alina Kabaeva hit with US sanctionsKabaeva, 39, former rhythmic gymnast the Kremlin denies is romantically involved with Putin, has assets frozen by US treasury
Read more »