Tyndall sale out of left field: Morningstar

Pickerell said Nikko AM had acquired an outstanding company with "an excellent brand name, very well known, we don't see any need to change it."

He also pointed out that Nikko has no presence in Australia or New Zealand so there would be no overlap - or job losses - and that the Tyndall brand will remain and the current management will be left to run the operation.

He said the Japanese investment firm has made the acquisition as part of its strategy to "grow into one of Asia's largest asset management companies."

Nikko AM is one of Japan's biggest investment companies and has a considerable presence in China and this acquisition gives the company a foothold in New Zealand and particularly Australia - "the fourth largest investment market in the world", Pickerell said.