Nikko Asset Management has completed its acquisition of Tyndall Investments from Suncorp Group.

The Tokyo-based investment manager, in November 2010, offered to take over the Australian and New Zealand fund management firm for $25 billion, in a deal that aims to expand the former's network in Asia. Tyndall, which employs around 63 staff, has a wide distribution network in both Australia and New Zealand. The acquisition effectively increases Nikko AM's assets under management to $145 billion, the company said.

"Australia is a strategically important country regionally and an increasingly important source of investment capital and fund management capabilities," commented Charles Beazley, head of international and institutional businesses for Nikko AM.

Nikko AM, which also has offices in Singapore, London, Hong Kong, and New York, is one of the largest asset management firms in Japan. In December last year, the company also announced its planned acquisition of DBS Asset Management for $105 million, which, when completed, is expected to boost Nikko AM's AUM by a further $7 billion.