Ironbark has been distributing DAMAL funds since the company spun off its retail fund business as the separate Ironbark entity in 2009, with then DAMAL retail business head Chris Larsen moved to chief executive of Ironbark.
Under the acquisition, Ironbark will take on the role as responsible entity for these existing DAMAL funds.
“Since 2009, Ironbark has promoted, distributed and serviced Deutsche Asset and Wealth Management’s retail funds among investors, and this acquisition was a natural progression of our relationship with Deutsche Asset and Wealth Management,” Ironbark chief executive Chris Larsen said.
Under the new arrangement, Ironbark will rename DAMAL as Ironbark Asset Management (Fund Services) Limited, with the funds to also be renamed and a new product disclosure statement (PDS) to be issued.
Ironbark has also lowered the minimum investment amount to $20,000 for each fund, with additional investments of a minimum of $1,000 available.
However, Ironbark has said the practical differences for investors will be minimal.
“The investment management teams of the funds will remain the same,” Mr Larsen said.
“We believe the investment teams, styles and processes of Deutsche Asset and Wealth Management and Global Thematic Partners are highly regarded and we look forward to working more closely with them to seek top add value to investors’ portfolios.”
The new PDSs, dated 1 July, are available on the Ironbark website.
