Brookfield takes over La Trobe

Speculation around global business services company Brookfield acquiring leading Australian non-bank lender and asset manager La Trobe Financial has been confirmed. The company was purchased for AUD 1.5 billion from global investor Blackstone who owned 80% and La Trobe chief executive Greg O’Neil who owned 20%.

O’Neil will leave La Trobe after serving 37 years when it is acquired by the Canadian private equity giant.

“We remain very proud of the continued discipline and development of the business following my partnership with Blackstone over the past years,” O’Neil said.

Blackstone’s head of Asia Pacific for tactical opportunity, Menes Chee, said that Blackstone has helped diversify funding and triple the company’s assets under management..

Len Chersky, Brookfield’s Private Equity Managing Partner, said they look forward to building on La Trobe’s foundation of continuous growth and profitability.

Brookfield Business Partners, (Mar 18 2022), “Brookfield Business Partners to Acquire La Trobe Financial”