Investment manager MA Financial has boosted its assets under management to $12 billion after absorbing boutique syndicator IP Generation and the $2 billion portfolio of shopping centres it has established in just six years.

The consideration for the deal is $90.4 million, with $80 million of that all in scrip upfront to the owners of IP Generation, including its founder Chris Lock and key executives Greg Miles, David Blight and Ingrid van Dijken. The remainder is deferred over 12 months, paid out equally in scrip and cash.