Treasury Group Limited is an Australia-based provider of funds management services to institutions, including master funds and wraps, retail investors and private clients. It holds 47.5% stake in Investors Mutual Limited (IML), which provides a funds management capability to both institutional and retail investors. It also holds a 40% interest in the sub advisory business of IML Investment Partners Limited. The Company holds 39.17% stake in Celeste Funds Management Limited, an Australian equity manager with a smaller companies focus. In addition, the Company owns 40% stake in RARE Infrastructure Ltd (RARE) and RARE IP Trust (RIP), which is boutique asset managers specializing in listed global infrastructure. On May 23, 2012, Treasury Group Ltd acquired the remaining minority interests in Global Value Investors, increasing the direct ownership to 100%. On July 10, 2012, Treasury Group Ltd acquired 20% equity ownership in Octis Asset Management Pte Ltd.