What First Sentier Group does

First Sentier Group is a privately held, multi-affiliate global asset manager headquartered in Sydney, Australia, managing approximately £107.3 billion in assets under management as of 30 September 2025. The firm operates through six discrete affiliate investment teams — AlbaCore Capital Group (European alternative credit), First Sentier Investors (active multi-asset), FSSA Investment Managers (Asia Pacific and Global Emerging Markets equities), Igneo Infrastructure Partners (direct mid-market infrastructure), RQI Investors (quantitative global equities), and Stewart Investors (in the process of being wound into FSSA) — each retaining investment autonomy while drawing on shared group infrastructure for distribution, operations, compliance, and technology. Its investment capabilities span global and regional equities, fixed income, listed and direct infrastructure, listed property securities, and alternative credit. The group is ultimately owned by Mitsubishi UFJ Trust and Banking Corporation, a subsidiary of Mitsubishi UFJ Financial Group, which acquired the business (then First State Investments / Colonial First State Global Asset Management) from Commonwealth Bank of Australia in August 2019.

The firm serves institutional investors — pension funds, sovereign wealth funds, insurance companies, endowments, family offices, and consultants — as well as intermediary and retail clients reached through investment platforms and financial advisers. Go-to-market combines a direct enterprise field-sales motion, with regional distribution offices across Asia-Pacific (Sydney, Hong Kong, Singapore, Tokyo), Europe (London, Dublin, Edinburgh), and the Americas (New York), and a wholesale/intermediary distribution channel. Revenue is generated primarily from management fees calculated as a percentage of AUM (with equity strategies commanding higher fees than fixed income or multi-asset), supplemented by performance fees / carried interest in alternative asset classes such as infrastructure and alternative credit.

Technically, the differentiator is the multi-affiliate operating model rather than a software platform: specialist teams run distinct investment processes ranging from fundamental equity research (FSSA) and infrastructure asset management (Igneo, an active infrastructure investor since 1994) to systematic quantitative stock selection (RQI) and credit underwriting (AlbaCore). The group is a Certified B Corporation (score 107.2, November 2022), a UK Stewardship Code signatory, and a TNFD adopter, positioning responsible investment as a core part of its market identity.

Name

First Sentier Group

Legal name

First Sentier Group Limited

Website

https://firstsentiergroup.com

Company type

Private

Founded year

1988

Operating status

Operating

Headcount range

251–500 employees

Short description

First Sentier Group is a Sydney-based, MUFG-owned multi-affiliate global asset manager overseeing ~£107.3B AUM across six autonomous teams, serving institutional investors, financial advisers, and platforms in equities, fixed income, infrastructure, and alternative credit.

Ownership category

akta.pro rank

Product category

Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro primary industry

Mid-Cap Equity (Active) (FSAAAIAB)

akta.pro secondary industries

Managed Account / SMA Multi-Manager Platforms (FSANAGAL), Institutional Capital Introduction (LP/Family Office/Endowment Matching) (FSAEALAI)

Keywords

• Global asset management
• Institutional investment management
• Alternative credit investing
• Infrastructure investment management
• Asia Pacific equities

Headquarters

HQ city

Sydney

HQ country

Australia

HQ region

Oceania

Offices8 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Investment Management Fees: First Sentier Group generates revenue primarily through management fees charged on assets under management across its affiliate investment teams. Fees are typically calculated as a percentage of AUM and vary by investment strategy, with equity strategies generally commanding higher fees than fixed income or multi-asset solutions.
2. Performance Fees: Some investment strategies may generate performance fees (carried interest) based on investment returns exceeding specified benchmarks or hurdle rates, particularly in alternative asset classes such as infrastructure and alternative credit.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

First Sentier Group is a multi-affiliate global asset manager that provides investment management services across global equities, fixed income, listed and direct infrastructure, listed property securities, and alternative credit. It operates through six specialist affiliate investment teams (AlbaCore Capital Group, First Sentier Investors, FSSA Investment Managers, Igneo Infrastructure Partners, RQI Investors, and Stewart Investors) that maintain discrete investment autonomy while sharing global distribution, operations, compliance, and technology infrastructure. As of September 2025, the firm manages £107.3 billion in assets under management on behalf of institutional investors and intermediaries.

Product overview

First Sentier Group is a multi-affiliate global investment manager structured as an umbrella brand over six distinct affiliate investment teams: AlbaCore Capital Group (alternative credit), First Sentier Investors (multi-asset active management), FSSA Investment Managers (Asia Pacific/Global Emerging Markets equities), Igneo Infrastructure Partners (direct infrastructure), RQI Investors (quantitative equities), and Stewart Investors (being transitioned to FSSA as of Nov 2025). The group manages £107.3 billion in AUM (as of September 2025) across global and regional equities, cash and fixed income, listed and direct infrastructure, listed property securities, and alternative credit. The model provides affiliate teams with investment autonomy while leveraging shared global support infrastructure. Ownership: Mitsubishi UFJ Trust and Banking Corporation (wholly-owned subsidiary of Mitsubishi UFJ Financial Group).

Differentiator

Problem solved

Functional benefit

Products and services

• AlbaCore Capital Group One of Europe's leading alternative credit specialists, dedicated to delivering tailored credit solutions for global pension funds, sovereign wealth funds, consultants, insurance companies, family offices, and endowments.
• First Sentier Investors Active investment managers bringing together specialist investment teams with deep knowledge of the markets in which they invest; teams have freedom to craft philosophy and process while drawing on the strength, scale, and support of First Sentier Group.
• FSSA Investment Managers Specialists in Asia Pacific and Global Emerging Markets equity strategies, managing £16.1 billion as of September 2025. Bottom-up investors using fundamental research and analysis to construct high-conviction portfolios, based in Hong Kong and Singapore.
• Igneo Infrastructure Partners Specialist global infrastructure manager investing in high-quality, mature, mid-market infrastructure companies in renewables, digital infrastructure, waste management, water utilities, transportation, and logistics sectors. Active infrastructure investor since 1994.
• RQI Investors Active, quantitative global equity investors that build portfolios using quantitative signals based on team insights and market experience, exploring inefficiencies to systematically select stocks from a broad universe.

Quantifiable outcome

• £107.3 billion in assets under management as of September 2025
• +2 more outcomes

Named customers9 records

Segments5 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Northern Trust CorporationcoreTechnology or Integration · 19 March 2026Northern Trust provides custody, fund accounting, transfer agency, and board governance services for First Sentier Group's U.S. mutual funds through the Datum One Series Trust platform. The partnership, which began in 2006 with U.S. private funds market services, has expanded to include middle office, custody, and fund administration across multiple regions. The transition enables First Sentier to leverage Northern Trust's global custody capabilities and consolidated oversight of fund operations.
• AlbaCore Capital GroupcoreStrategic or Co-development PartnerStrategic partnership announced in March 2023 with AlbaCore Capital Group, a leading European alternative credit manager. First Sentier Investors made a majority investment in AlbaCore, creating a comprehensive alternative credit platform. The partnership received regulatory approvals in November 2023. AlbaCore manages assets on behalf of global pension funds, sovereign wealth funds, consultants, insurance companies, family offices, and endowments.
• Mitsubishi UFJ Trust and Banking Corporation (Sustainable Investment Institute)coreStrategic or Co-development PartnerJoint launch of the First Sentier MUFG Sustainable Investment Institute in May 2021 to commission and publish high-quality research on sustainability and sustainable investment topics. The Institute aims to enhance industry awareness, report on market trends and best practice, and promote understanding of how sustainability issues impact long-term investment performance. The inaugural research report addressed microplastic pollution.
• AlbaCore Capital GroupminorStrategic or Co-development PartnerAlbaCore Capital Group, MUFG Bank, and Mitsubishi UFJ Trust and Banking Corporation announced formation of a new infrastructure debt platform providing global investors with access to UK and European infrastructure debt. The platform will launch investment grade and high yield strategies, combining MUFG's project finance origination capabilities with AlbaCore's midmarket expertise.

Scale indicators8 records

Recent moves12 records

Expansion highlights5 records

Direct peers

• Ninety One: London- and Cape Town-listed global asset manager offering active equities, fixed income, and alternatives. Comparable emerging-markets and sustainable investment capabilities with institutional client focus.
• Man Group: London-listed active and alternative asset manager combining discretionary and systematic (AHL) capabilities. Closely comparable multi-strategy platform serving institutional investors globally.
• Schroders: London-headquartered global active asset manager offering equities, fixed income, multi-asset, and alternatives to institutional and intermediary clients. Directly comparable multi-affiliate-style global active manager with similar UK heritage and institutional client base.
• abrdn (formerly Aberdeen Standard Investments): UK-listed global asset manager offering active equities, fixed income, real estate, and alternatives to institutional and wholesale clients. Comparable multi-affiliate structure with similar mix of traditional and alternative capabilities.
• Jupiter Fund Management: UK-listed active asset manager offering equities, fixed income, and alternatives via multiple specialist teams. Comparable multi-boutique operating model targeting UK and international institutional/intermediary clients.
• Janus Henderson Investors: Global active asset manager formed via merger of Janus Capital and Henderson Global Investors. Comparable active equities, fixed income, and alternatives franchises serving institutional and intermediary clients across UK/US/APAC.

Regional players

• AMP Capital: Australia-headquartered asset manager offering infrastructure, real estate, and equities. Comparable APAC infrastructure focus (overlapping with Igneo) and Australian institutional client base.
• Perpetual Limited: Australia-headquartered asset management and wealth services firm. Comparable Australian heritage, multi-affiliate structure, and institutional/wholesale client focus in APAC.

Broad incumbents

• Legal & General Investment Management (LGIM): UK-based global asset manager offering active and passive equity, fixed income, and real assets. Comparable in serving pension funds and offering multi-affiliate-style capabilities at much larger AUM scale.
• M&G Investments: UK-based asset and wealth manager, part of M&G plc. Comparable active equity and fixed income capabilities at larger AUM scale with broader retail and institutional footprint.

Market position

Strengths2 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/first-sentier-group

Compliance11 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about First Sentier Group