11 December 2016 By Malavika Santhebennur
Goldman Sachs Asset Management's (GSAM's) Australian equity and fixed income business will rebrand as Yarra Capital Management following the management buyout, which is on track to complete at the end of December.
The firm, which would be headed by managing director, Dion Hershan, had approximately $8 billion of funds under management (FUM) across its Australian equities and fixed income capabilities.
The firm had recruited former Future Fund Management Agency managing director and president and former Treasury Group chief executive, Mark Burgess, as its independent chair.
On the appointment, Hershan said: "We couldn't be happier that Mark has come on board as Yarra Capital's Independent Chairman. He has extraordinary experience in Australian financial services and is already adding significant value across a range of areas."
Other members of the team included Katie Hudson, who would be head of Australian equities research and small cap portfolio manager, Roy Keenan as head of fixed income and multi-sector, and Brett Davidson as chief operating officer.
The new firm was backed by global private equity firm, TA Associates.
The firm described the transaction as a "win-win" for both parties, with Yarra Capital set to enjoy greater independence, an aligned management, and a strong capital partner.
For GSAM, having a local-to-local franchise was not aligned with the firm's global focus or capabilities, a spokesperson said. GSAM would continue to distribute international products into the Australian market following the transaction.