Two Japanese asset managers have acquired stakes in a UK-based sustainable investment manager.
Nikko Asset Management has acquired a minority stake in Osmosis, which holds around US$13.6 billion in sustainable assets.
The deal, described as a 'strategic partnership' gets Nikko AM a seat on the board and exclusive distribution and client service rights in Asia-Pacific, excluding Australia, New Zealand and the Middle East.
Osmosis CEO Ben Dear said the deal was based on a "shared vision of the scale of the opportunity, alignment values, alignment of values, and a belief that the capital markets have a pivotal role to play in directing capital towards those companies that are leading the transition to a more sustainable planet".
Osmosis, which is majority-owned by management and employees, has also formed a strategic partnership with Japanese asset manager Sumitomo Mitsui Trust Asset Management.
The legally binding agreement will see Sumitomo take a minority stake and "collaboratively develop new products and strategies".
Both transactions are still subject to approval from the UK's Financial Conduct Authority and are expected to be completed by April 2024.
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