(Reuters) -Australia's Insignia Financial ( IOOFF ) said on Wednesday it had rejected an all-cash takeover bid from private equity giant Bain Capital, which valued the 178-year-old money manager at A$2.67 billion ($1.69 billion).

The global buyout firm had earlier this month offered A$4 apiece for Insignia, which oversees A$228 billion of funds.

The offer "does not adequately represent fair value for IFL shareholders," Insignia said.

Australia's wealth managers have emerged as takeover targets for buyout firms worldwide as foreign investors remain attracted to the sector's growing assets.

Insignia rejected the bid as it moves ahead with a strategy to restore confidence among shareholders, having already faced resistance from activist investor Tanarra Capital.

($1 = 1.5785 Australian dollars)