Global private equity firm Bain Capital’s $2.7 billion bid for wealth group Insignia will force the board to make an early assessment of whether chief executive Scott Hartley’s turnaround will succeed in re-energising the business formerly known as IOOF.
Insignia, which oversees $228 billion of funds, confirmed on Friday it was the subject of a “confidential, preliminary, non-binding and indicative” proposal from Bain.
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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
