Australian Ethical Investment Acquires Altius Asset Management

Australian Ethical Investment Limited (ASX: AEF) has announced a binding agreement to acquire Altius Asset Management from Australian Unity. This acquisition will increase Australian Ethical funds under management (FUM) by approximately AU$2 billion, from AU$10.3 billion to around AU$12.3 billion, marking a 19% rise.

The combined entity will feature a seven-member sustainable fixed income team and an expanded bond fund portfolio, with Australian Unity becoming one of its largest institutional clients. Australian Ethical will pay AU$4.25 million upon completion, expected in July, and an additional AU$1.25 million contingent on meeting certain targets. The transaction will be EPS accretive from financial close and is projected to generate around AU$1 million of EBITDA in FY25. CEO John McMurdo highlighted the acquisition as a key milestone in broadening their ethical investment capabilities.

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