The latest mergers, acquisitions and other corporate actions in the wealth management sector.

Acclime, Boutique Capital
Acclime, which provides corporate governance and advisory services with operations across Asia, Australia, and other markets, has received Australian regulatory clearance to complete its purchase of Boutique Capital, a Sydney-based specialist in fund incubation and wholesale fund services. 

The move adds to Acclime’s integrations of businesses such as those of Bedford in Australia (see here), and The Advisory Group and Rockburgh Fund Services in New Zealand. Clearance for the Boutique Capital acquisition was granted by the Foreign Investment Review Board (FIRB.)

The move expands Acclime’s capabilities in fund establishment and administration, adding to its ability to be a partner to domestic and international fund managers operating in Australia and New Zealand, it said in a statement yesterday.

Boutique Capital offers services including licensing, trustee, legal, compliance, registry, investor support, AML/KYC compliance, FATCA/CRS reporting, tax compliance and fund accounting. 

The Boutique Capital team has moved into Acclime’s North Sydney office, with its leadership and team remaining in place. The business will now operate under the Acclime brand.

Acclime operates in 18 jurisdictions across Asia-Pacific and other global markets and employs more than 1,700 professionals.

Carne Group
Carne Group, a European third-party management company, has wrapped up its purchase of Japan Fund Management (Luxembourg) from Japan’s Mizuho Trust & Banking (Luxembourg).

JFML manages $5 billion and supports the overseas investment of Mizuho's Japanese institutional clients, with a particular emphasis on private assets. 

In its statement, Carne said the transaction builds upon a theme of asset managers and investors seeking to partner with specialist management companies who can deliver solutions in multiple domiciles across a range of different asset classes.

“Carne has a long-standing commitment to the Japanese market and our relationship with Mizuho will enable us to further strengthen our position, providing high quality service to Japanese asset managers and institutional investors across our global platform,” the firm said in a statement yesterday.  

Third-party management companies in Luxembourg now manage over $1 trillion in assets, Carne said, citing figures from PricewaterhouseCoopers.