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First Sentier Investors Restructuring

First Sentier Investors Close $9 Billion in Funds Amid Restructuring Efforts

Posted on April 23, 2024
Writer: James Miller

Australian asset management company First Sentier Investors announced it will close funds totaling A$14 billion ($9 billion). 

The Sydney-based firm will discontinue operations in four investment teams that handle Australian fixed income, global credit, equity income, and emerging companies.

The move affects less than 6% of First Sentier’s global assets under management, which total A$238 billion. The closure of these funds will lead to the departure of around 30 employees. 

The restructuring is part of a broader trend affecting asset management firms in Australia, which are facing pension fund challenges.

David Allen, Global Head of Investment Management at First Sentier, cited shifting industry dynamics like client consolidation and internalization of investment management as key factors influencing their decision. He noted that despite the strong performances of the teams, the growth achieved did not align with the firm’s ambitions.

Allen also emphasized that the company’s future will focus on more differentiated investment offerings and areas most relevant to their clients’ needs. 

For more detailed information, check out the full article on Bloomberg.

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