Under the terms of the agreement, Ignis will advise investment strategies with Tyndall, for the institutional market in Australia.
Tyndall currently manages more than £13bn (€15bn, $20bn) of assets on behalf of institutional, insurance and private wealth clients in Australia.
Tyndall was acquired by Japanese firm Nikko Asset Management in late 2010.
Tyndall will offer to institutional investors Ignis’s Absolute Return Government Bond and Liability Driven Investment. Over time, Tyndall may offer other Ignis investments, such as emerging market debt, via its multi-manager platform.
Ignis is part of Phoenix Group, the UK’s largest closed life and pension fund consolidator, and has more than £67bn assets under management. Ignis has third-party operations in Europe and aims to build a global business.
Allan MacLeod, head of global accounts, at Ignis, said the Australian pension market was the fourth largest in the world at nearly £1trn due to the compulsory superannuation savings requirement and it was a key strategic objective. “We felt that working with a strong local partner was the most attractive way of accessing it.”
Mike Davis, managing director of Tyndall, said the alliance with Ignis Asset Management was a good fit as it had a strong product range and a “rich insurance asset management heritage in the UK and Europe”.
“In addition to our own strong offerings in a range of asset classes, we can now add international investment strategies that we believe will be attractive to Australian institutions.”
