US-based asset manager Northern Lights Capital Management and Australia’s Treasury Group will merge to create a firm with investment stakes in 21 boutiques across the world, managing a total of A$49.6 billion ($46.3 billion).

The two firms are joining forces to provide extra marketing resources for their affiliates and will continue to invest in new firms. Their existing affiliates will also be offered cross-referral opportunities in the US and Australia as soon as the deal is complete.