BUZZ-Nikko AM buys boutique TAAM to bolster AxJ equities offering
(Adds details) Nikko AM, Japan's no. 3 asset manager, has bought out boutique Asian equities fund manager Treasury Asia Asset Management (TAAM).
** TAAM manages about $300 million in Asia ex-Japan equities and is led by Peter Sartori who co-founded the firm in 2005.
** Nikko manages about $156 billion and was one among 8 asset managers selected by Japan's public pension fund last month to manage its foreign stocks portfolio.
** Australia's Treasury Group, which had flagged in its annual results that its investment in TAAM was under review, has sold its 44% stake in TAAM to Nikko.
** TAAM's New Asia Fund was up 18% in the year ending Sept. 30 and had just under a third of its assets in Chinese stocks.
** ICBC, TSMC and Hutchison Whampoa were the fund's top three holdings. (Stocks Buzz is a pilot project. Please send any feedback or suggestions to email@example.com) (RM: firstname.lastname@example.org)