Consternation as news reached the street last week that yet another jewel in Royal & SunAlliance’s (R&SA) Australasian tiara has been sold. Tyndall Investment Management has been sold to James Fielding Management for $28 million, with the proceeds going to the British parent.

Does that mean Tyndall is off the initial purchase offer being put together by the local Promina/R&SA team? Absolutely not – the investment management arm is just a part of the Tyndall Meridian Trust.

CEO Mike Wilkins said James Fielding Holdings MD Greg Paramor approached him some time ago about the possibility of buying Tyndall’s Meridian Trust’s investment management arm. “We decided that everyone involved with [the investment management arm] of Tyndall would benefit from being associated with a company that has a clearer focus on property and property management,” he said. “We saw this opportunity and took it.”

James Fielding, a diversified property group, is undertaking a $115 million capital-raising at present. The sale is scheduled to be completed on February 28.

Mr Wilkins said the sale was arranged locally. Although the money goes to the UK parent, the sale arrangements were handled in Sydney, not London. Promina currently has no further assets for sale, although the company is “continually reassessing its current position”, he said.