Acquisition of PM Capital, Group FUM to increase to $10.8 billion

Regal Partners Limited is pleased to announce it has entered into an agreement to acquire 100% of PM Capital, a multi-award-winning specialist long / short equities and fixed income asset manager headquartered in Sydney, Australia. Inclusive of the recently announced partnership with Taurus Funds Management, Regal Partners’ group FUM will increase to $10.8bn¹, on a pro forma basis.

Established in 1998 by current Chairman and Chief Investment Officer Paul Moore, PM Capital services a diverse range of Australian retail investors and financial advisory groups, managing in excess of $2.7bn of funds under management as at 30 September 2023.

"The addition of PM Capital to the Regal Partners group will provide a further extension to Regal’s existing global equities and credit investment capabilities. Paul Moore and his highly experienced investment team are well-recognised as one of Australia’s leading long / short equity and fixed income managers, with a strong track record of successfully managing capital for investors for over 25 years. We are delighted that Paul and his team have chosen to partner with Regal and we look forward to meaningfully contributing to the growth of their business over the years ahead.”
- Regal Partners Chief Executive Officer Brendan O’Connor

Regal Partners expects the acquisition to be accretive to its earnings per share in 2024, pre any synergies. The cash component of the consideration for the acquisition is intended to be funded by a combination of existing cash sources and investments on Regal Partners’ balance sheet.

Deal completion with PM Capital is subject to Regal Partners’ shareholder approval of the issuance of Converting Shares² in RPL, which also form part of the consideration.

ASX announcement Presentation

1 Pro forma group FUM data is for 30 September 2023, includes 100% of Kilter Rural, Attunga Capital and Taurus Funds Management, is approximate, rounded, has not been audited and includes non-fee earning funds.
2 The Converting Shares will be non-transferable (except in limited circumstances, including with the consent of RPL), non-voting and will rank equally with ordinary shares with respect to dividends.