Berkshire Capital to open Australia office to tap M&A

SYDNEY, Dec 7 (BestGrowthStock) – U.S. asset management merger
advisory firm Berkshire Capital is establishing an office in
Sydney to tap into Australia’s expanding wealth management
sector and growing interest in the industry from offshore
acquirers.

New York-based Berkshire said on Tuesday it had appointed
Ian Martin, the former chief of Australian fund manager BT, as
its new Asia Pacific vice chairman.

Martin said Australian M&A activity in the investment and
wealth management sectors was being driven by Australian
institutions looking offshore for growth, particularly with a
strong Australian dollar, as well as offshore predators
looking to buy into Australia.

“Just from calling on people in the U.S. and Europe in
late October, a lot of participants in those markets look at
the size and the growth rate of the Australian market and
wonder how they can get better positioned,” Martin told
Reuters in a telephone interview.

Berkshire joins a growing list of boutique investment
banks operating in Australia’s booming mergers and
acquisitions markets. Unlike rivals, it focuses solely on the
asset management industry. Martin said deals were expected to
be focused on the private market.

The move follows a number of deals in Australia’s
investment management sector.

Private equity group Kohlberg Kravis Roberts & Co made a
$1.7 billion bid in October for Australian fund manager
Perpetual , while Suncorp Metway last month
sold Tyndall Investments to Japan’s Nikko Asset Management for
$128 million.

(Reporting by Michael Smith; Editing by Ed Davies)

Berkshire Capital to open Australia office to tap M&A