Australian Ethical acquires Altius AM

Australian Ethical has acquired Altius Asset Management from Australian Unity.

Australian Ethical announced the acquisition to the Australian Securities Exchange today saying it had entered into a binding agreement to acquire the sustainable fixed income asset management business in a transaction which, when completed, would see the firm grow its funds under managed by around $2 billion to $12.3 billion.

It said the combined Australian Ethical and Altius fixed income capability would result in a sustainable fixed income team of seven, an expanded bond fund portfolio and Australian Unity becoming one of Australian Ethical’s largest clients.

The announcement said Australian Ethical would pay Australian Unity $4.25 million in cash on completion with an additional $1.25 million payable after completion.