GDG acquires Evidentia

Generation Development Group has moved to acquire Evidentia Group in a move which it says will build on its presence in the managed accounts market.

In an announcement to the Australian Securities Exchange (ASX) GDG said it had entered into a binding agreement to acquire 100% of Evidentia Group for $320 million up-front.

It described Evidentia as a highly strategic opportunity for GDG as one of Australia’s leading providers of investment management and tailored managed account solutions.

“GDG’s acquisition of Evidentia and subsequent merger with Lonsec Investment Solutions will bring together two of the leading and fasted growing managed account providers as the undisputed leader in the market, with a combined total of over $25 billion in funds under management (FUM),” it said.

It said Evidentia management would be retained post-acquisition, with existing chief executive, Peter Smith, to become executive chairman.