Lowell Asset Management and Pearl Funds Management, both of Melbourne, Australia, will merge. Lowell has $50 million under management, while Pearl has $35 million. The terms of the deal call for Pearl to acquire cash and shares in Lowell. The companies did not reveal the value of the deal or the name of the merged entity.

The two firms have both concentrated on high net worth clients. Julian Mitchell, Lowell's investment director, called the two entities extremely complementary, both in terms of clients and investment styles.

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