Income Asset Management (ASX:IAM) acquires River Capital Liquid Credit Fund and Credit Mandate for $350k

• Income Asset Management (IAM) acquires the River Capital Liquid Credit Fund and Credit Mandate totalling $72M AUM for $350,000
• IAM adds Daniel Saldanha and Anthony Swan from the River Capital Credit Investment Team, boosting its existing in-house capabilities
• The company also announced it’s exiting its 25 per cent interest in Fortlake for a total of more than $3.5 million
• IAM also boosted the annual remuneration of Executive Chair, John Nantes, by $50,000 to $248,000 per annum
• Shares in IAM closed higher, up 3.7 per cent and trading at 14 cents at market close

Income Asset Management (IAM) has acquired the River Capital Liquid Credit Fund and Credit Mandate, totalling $72 million assets under management (AUM), for $350,000.

Through this transaction, IAM will employ the River Capital Investment Team, comprising Head of Credit and Fixed Income, Daniel Saldanha, as well as Director and Senior Investment Analyst, Anthony Swan.

The company announced that both Mr Saldanha and Mr Swan would be welcomed additions, boosting IAM’s existing in-house capabilities.

“Adding such high calibre investors to the team and a differentiated and compelling fund, will help IAM continue to grow recurring revenue through internal investment management,” IAM Funds CEO Jonathan Baird said.

Elsewhere, the company announced it’s exited its 25 per cent interest in Fortlake, receiving $3,541,666 – made up of $2,500,000 consideration for Fortlake shares plus the repayment of the loan of $1,041,666, provided to Fortlake for working capital purposes.

Finally, IAM reported it has boosted the annual remuneration of Executive Chair, John Nantes, by $50,000. His total salary now comes to $248,000 per annum.

Shares in IAM closed higher, up 3.7 per cent and trading at 14 cents at market close.