Rothschild Asset Management, the fund management arm of N M Rothschild, has reached an agreement with Westpac Banking Corporation for the sale of its Australian asset management unit for A$323m (€196.2m)

The deal follows a strategic review, announced by Rothschild last December, that involved discussions with a range of potential asset management partners for its Australian operations. The new organisation will be the fifth largest retail fund manager in Australia with combined assets under management totalling A$34bn.