Australia’s OFM Investment Group is to buy Century Funds Management for A$42.4 million ($32 million) in cash and shares in a move to expand ...

Australia’s OFM Investment Group is to buy Century Funds Management for A$42.4 million ($32 million) in cash and shares in a move to expand funds under management. OFM will continue to employ Century staff, including company founder John McBain, director Jason Huljich and three other senior executives. According to OFM managing director Chris Martin the group paid $26.8 million in cash and $15.6 million in OFM shares for Century. Century was founded in 1999 and along with its funds under management, owns a number of properties which are held in syndicates for private clients. It merged with Bankminster Properties in 2004. The deal will deliver around $440 million in funds under management, and will take ORM’s property under management to about $550 million. Century currently has around $1 billion of funds under management.