Tyndall Investments, the trans-Tasman fund manager has been sold off and it has been bought over by a Japanese company, Nikko Assets Management. The earlier owner, Suncorp will be getting A$80 million for the deal.

Tyndall is the fifth largest fund manager of New Zealand and has a total corpus which is worth A$25 billion. Its major client lists includes many a big names, institutions and also KiwiSaver providers. After the takeover, Nikko is going to have a total fund management worth A$188 billion under its name.

And as CEO Tim McCarthy says, Tyndall is a first rate investment team and has a long and proper local experience. Both are important for the Japanese firm to be able to have its mark in New Zealand's market. While talking to media, Tim said that there is a lot of demand for products of Tyndall.

Also there has been a significant growth in Australia. Looking at that, the deal seems to be a perfect match for all the requirements that Nikko has for Asian and Australian markets. There were no comments from the side of Tyndall.