Pinnacle affiliate Antipodes Partners has agred to buy fellow Australian fund manager Bennelong Funds Group. 

Both manages offer funds in New Zealand, and last year Bennelong partnered with Allspring Global Investments to distribute its global income strategy across Australia and New Zealand.

The transaction is expected to be completed by the end of the month, as it is not subject to regulatory approval. 

Antipodes Partners chief executive Andrew Findlay says the firm’s diversification strategy as being behind the move.  

“The addition of Bennelong’s high-quality investment teams is consistent with our strategy to further diversify the Antipodes platform, broaden our investment offerings and strengthen our distribution capabilities.” 

Scale is also an objective, with John Burke, CEO of Bennelong adding his firm is complementary with Antipodes. 

In a statement Bennelong says; "As multi-specialist investment firms, BFMG and Antipodes share a common philosophy and structure, and under Antipodes' ownership we believe advisers, investors and investment managers will benefit from the combined scale and expertise of both firms."

“We believe our broad support base of financial advisers and investors will benefit from the combined scale and expertise of both firms.” 

While Bennelong joins the Antipodes Group, its affiliates are set to retain their investment autonomy, with no changes to investment personnel, philosophies or strategies.