Tribeca Investment Partners is acquiring the equity stake of its longstanding distribution partner, after which it will be 100% owned by its management executives for the first time in 10 years.
This will occur once the buy-back process with Grant Samuel Funds Management is completed, and it will have no impact on the existing retail distribution arrangements for the Tribeca Alpha Plus and Tribeca Smaller Companies funds, which will continue to be distributed via GSFM.
Tribeca chief executive David Aylward explained: "The Tribeca management team is very pleased to take on 100% ownership of the business, as we enter the next phase of our growth and development."
"GSFM's model of marketing funds managed by high calibre local and international managers to the Australian market has been very important for us over the past decade and helped build our business to the size and scale that enables us to take this next step," Aylward said.
As part of the management buyout, Grant Samuel Group chief executive Doug Bartlett and GSFM executive chair Andrew McKinnon will step down from Tribeca's board.
"Over the past decade Tribeca's funds under management have grown from $660 million to $2.2 billion, which is a testament to the success of our partnership," McKinnon said.
"Our retail distribution partnership with Tribeca will remain unchanged by the sale, and we will continue to work closely with the Tribeca investment team to continue building on their success in the Australian market."