RPL +7.71%: shares in the Fund Manager had their best session in 18 months today following a Funds Under Management (FUM) update alongside an acquisition. Regal is taking a 50% stake in Taurus Funds, a financing company managing $2.3b invested in junior to mid-tier mining companies. The deal adds to Regal’s alternative strategy offering in a way that doesn’t cannibalize their current stable of funds, and costing $28m upfront the deal is expected to be EPS accretive pre-synergies, in 2024. Alongside the deal announcement, Regal revealed FUM fell ~2.5% in the September quarter to $5.76b with 2 large accounts that were inherited in the CGI Partners acquisition accounting for the bulk of the outflows.
MM remains patiently long and bullish RPL
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