HGL Limited (ASX:HNG) entered into a principal agreement to acquire Supervised Investments Australia Limited for AUD 0.41 million on January 21, 2021. The proposed acquisition will be funded by the issue of 3 million HGL shares. The company intends to recruit an Investment Director to drive the division in conjunction with HGL Chair Sandy Beard and to add investment capability to HGL. The acquisition represents HGL’s re-entry into funds management ,and with in excess of AUD 10 million in funds under management provides a small base and capability from which to grow and to derive both base management fees and investment performance fees. Transaction will be subject to approval at the HGL Annual General Meeting in February 2021. As of February 24, 2021, the transaction was approved by shareholders of HGL Limited.