(Pictured: Karyn West)

Apostle Asset Management, the multi-affiliate third-party marketing firm started by Karyn West, is being acquired by its original sponsor, French-based Natixis Asset Management, following the expiry of the seven-year contract between the two groups.

West and business partner Greg Johnson will continue to represent two of their own managers under the Apostle Funds Management brand – Dundas Global Investors and Windham Capital Management – when the deal is completed. Apostle already, also, represents a hedge fund manager which it has not commenced marketing. In addition, West will represent one of the main Natixis managers, Loomis Sayles, for the next two years.

She was an employee of Loomis Sayles, launching the firm in Australia, before starting Apostle in 2007 and doing the original deal with Natixis.

West said last week that, with the expiry of their contract looming, Natixis reviewed its strategy for Australia and thought it was better to have ownership of its distribution, as it does in all other countries.

Natixis has about 25 managers in total, many of them not being actively marketed by Apostle. It is one of the top 20 managers in the world by assets. The new arrangement may make it easier, too, to move into the retail sector which requires more resources than institutional representation.

The firm acquires the Apostle-owned Australian-domiciled funds and will start its new operation with about A$6 billion under management from Australia. Apostle will have about $1.3 billion of Australian-sourced funds to start its next iteration.

Natixis is also looking for a head of sales for Australia and will appoint a country head from within the firm soon. Apostle has agreed to a 12-month handover period for the transition.

On Apostle’s future, West said: “I don’t want to retire any time soon.”

– Greg Bright