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NZX today completed the acquisition of the management rights and related assets of QuayStreet Asset Management from Craigs Investment Partners. This confirms settlement of the transaction within the timeframe announced on 23 November 2022.
The acquisition (through NZX’s wholly owned subsidiary, Smartshares Limited) is aligned with NZX Group’s strategy to capture complementary opportunities across its Funds Management, Wealth Technologies and Markets businesses. The acquisition of the high-growth fund – aligned with a powerful private wealth network – will drive scale in Smartshares and complement its existing systematic and passively managed product offering.
The acquisition, which adds approximately $1.6 billion in funds under management, is being funded from new debt facilities with existing lenders and the issuing of NZX shares.
As noted in the announcement of the proposed transaction, the financial impact is included in NZX’s FY2023 operating earnings guidance, that was released earlier today alongside the FY2022 financial results.
