This article is from the Australian Property Journal archive
PARIS-based AXA Investment Managers – Real Assets has acquired Sydney-based Eureka Funds Management as part of its the Asia Pacific expansion strategy.
AXA IM Real Assets is one of the largest fund managers in the world with €66 billion of assets under management.
Eureka was founded in 2004 by Bob Kelly, Kumar Kalyanakumar, Quentin Shaw, Niall McCarthy and Rod Cowdroy and has $5 billion of AUM in offices and retail properties.
AXA IM Real Assets will continue to use the Eureka name post acquisition and will operate as Eureka Real Assets.
AXA IM Real Estate CEO Pierre Vaquier said the transaction forms part of the group’s ongoing strategy to expand globally, with Eureka providing it with a significantly enhanced footprint in the Asia Pacific region
“As one of the world’s most liquid and transparent property markets, as well as a significant source of capital, we have long targeted Australia as a key region in AXA IM – Real Assets’ global expansion strategy and the acquisition of Eureka provides us with an immediate and significant footprint in this important region.
“From working in collaboration with Eureka over the past few years, having made our first investment in Australia with them in 2013, it has become increasingly apparent that our businesses are both extremely similar in ethos and highly complementary in terms of what each party brings. It therefore gives me great pleasure to welcome all of Eureka’s staff into the AXA IM – Real Assets’ team,” Vaquier said.
Global of head of Asia Frank Khoo said together with its business development and client serving offices in Singapore and the recently opened office in Seoul, AXA now has an extremely strong proposition for Asian institutions.
Eureka managing director Bob Kelly said he was very proud of having built Eureka into one of Australia’s leading real estate investment and asset management businesses.
“At this stage of our development, we can clearly see the benefits of becoming part of the AXA IM – Real Assets’ global team, not just in terms of having the wider resources and expertise that will allow us to take our business to the next level, but also the additional scope and quality of client service we can offer. I am hugely excited to be entering this new stage in the evolution of Eureka.” Kelly said.
Australian Property Journal
