Invesco Australia has bought asset manager Concord Capital Limited, and the firm's 13 staff will join Invesco Australia.
"The appropriate consultants have been notified, but we won't be making any further statements," a spokesperson for the firm said.
Concord's investment team includes chairman and investment process facilitator Richard Douglas, portfolio manager Garry Duncan, portfolio manager Chris Haynes, portfolio manager Katrina Onishi, portfolio manager Martin Hinkling, senior analyst Oliver Ansted and analysts Will Culbert.
The firm was wholly owned by its key investment personnel.
Concord was established in June 2000 out of the Australian shares team of Lend Lease.
At the time of establishment, MLC provided seed money for Concord's first fund, and MLC is still the largest investor in the firm.
As at 31 December 2009, Concord managed $4 billion in assets across the various MLC businesses.
Concord's Australian equity fund was also available to retail investors through the Macquarie Professional Series, which has just over $20 million in funds under management.
Concord is an active Australian equity manager with a bottom-up style of management. It runs a multi-portfolio manager approach, not unlike the model of global fund manager Capital International.
The firm's investment process aims to identify superior businesses which typically have a high return on capital employed and shareholders' equity, a strong balance sheet, below average price/earnings ratio, a strong industry outlook with appropriate strategic positioning by the company and an established business model with identifiable competitive advantage and growth opportunities.
Team members construct their own portfolios based on the best ideas across the firm, which are then combined to form a portfolio of about 30 to 40 stocks.
