Phil King’s Regal Funds poised to swoop on rival fundie
There’s little sign Phil King is slowing down in his push to expand funds under management, with the Regal Partners investor in advanced talks to buy PM Capital, the funds house operated by Paul Moore.
The former Bankers Trust investor has Allier Capital on his side providing advice as he negotiates to sell his firm, operating since 1998, to Regal. The deal values his business at some $140 million, Street Talk has been told.
King has loomed large over the fund management sector ever since a big bid to snap up VGI Partners, a rival hedge fund run by Rob Luciano, early last year. That took total funds under management to some $6 billion.
Apex predator: Regal’s Phil King is closing in on Paul Moore’s shop. AFR
King and his chief executive, Brendan O’Connor, have since attempted – unsuccessfully – to buy out Perpetual and more recently ASX-listed investment house Pacific Current Group, as first reported by Street Talk in July. King has also had his eye on ailing funds house Magellan Financial.
Better luck for Regal this time, it seems. Sources told Street Talk that the deal is structured to lock in Moore for five years, with about 85 per cent of the consideration to be paid in Regal scrip. A deal is expected to be announced as early as this week after negotiations over the weekend.
PM Capital would add $2.7 billion to Regal’s stables, including about $732.4 million in a top-performing, closed ended global equities listed investment fund and $800 million in an enhanced fixed interest strategy that should be accretive to King’s fast-growing private credit unit.
Paul Moore (pictured) was one of three senior Bankers Trust investors – along with Ben Griffiths and Kerr Neilson – who left to set up their own shops around the time
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