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Value manager PM Capital gets a new owner

Australian value fund manager PM Capital, which has A$2.7 billion in FUM has been sold to Regal.

Friday, November 3rd 2023, 4:29PM

PM Capital has dabbled in the New Zealand market over the years and had on the ground presence for some time with Aaron Gascoigne.

(Gascoigne recently left Forsyth Barr to join mortgage group Vega).

ASX listed manager Regal has paid A$150 million in the form of A$20 million of cash and A$130 million of script to take full control of PM Capita.

PM Capital was established 25 years ago by former Bankers Trust portfolio manager Paul Moore.

Moore says the deal will "allow me to minimise my non-investment distractions, and thereby allow the PM Capital Investment team to focus on what matters most, investing."

"This has been the most important factor that I personally, have considered. There will be no change to PM Capital’s investment philosophy and process. Over 35 plus years in the industry, I suspect my DNA is well understood - investing and independence and a willingness to stand firm irrespective of short-term market pressures.

"This new partnership will facilitate our ability to leverage Regal’s exceptional corporate and business support infrastructure and distribution capabilities that have been developed under the leadership of their chief executive Brendan O’Connor. It will also provide to PM Capital the best practice discipline of a non-executive board. I would also add that Regal, like PM Capital, invest alongside their clients and have a business owner mentality."

He says PM Capital was founded with one simple objective; "to earn an acceptable rate of return on my capital."

Moore and the PM Capital investment team are the largest investors in its fund strategies. "It sets our mindset, differentiates us from most of our peers and I believe has been the most important factor that has allowed us to traverse the duration of time and the emotional roller-coaster that the stock market can be."

Regal is highly acquisitive currently. Earlier in the week it paid A$28 million for a 50% stake in commodities financier Taurus Management

The two deals have added a combined A$5 billion of assets under management, lifting Regal’s total assets to A$10.8 billion.

 

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