AMVESCAP of London announced it has entered into an agreement to purchase County Investment Management, an Australian institutional asset, from the National Australia Bank of Melbourne for approximately $60.47 million. County Investment Management has over $7.5 billion in assets under management. The deal, which is pending Australian regulatory approval, is expected to be completed early in 2001, according to the announcement.
The main reason for the acquisition is to expand AMVESCAP's presence in Australia, according to Doug Kidd, a spokesperson for AMVESCAP. Invesco, part of AMVESCAP, has had offices in Melbourne and Sydney since 1982.