Ausbil founder ends boutique love affair
One ofAusbil Dexia’s five original founders, Winston Sammut, has sold his 8 per cent stake in the boutique firm to its joint venture partner, Dexia Asset Management (Dexiam), five months after departing the group.
The sale by Ausbil’s former deputy chief investment officer, Winston Sammut, takes Dexia’s stake in the Australian operations to 59 per cent with the four remaining founders accounting for the remaining 41 per cent.
The four part-owners are Ausbil’s chief executive, Reub Hayes, director of equities Paul Xiradis, chief investment officer Michael Wilson and London-based non-executive director Hemant Arora.
Sammut, who left the group in March, has also rescinded his directorships at Ausbil Dexia and its associated joint ventures.
“The sale was welcome as it provides Sammut with closure with Ausbil Dexia and rewards him for his role in contributing, as a founding member, to the building of a strong, specialist equity fund management business,” Hayes says.
Hayes says the purchase of the equity by Dexiam reaffirms Dexia’s commitment to the Ausbil Dexia business.
“In addition, it opens up the potential for new equity participation by existing key Ausbil employees, thus maintaining the company’s boutique status whereby key staff can participate in the ownership of the business,” Hayes says.
Ausbil has grown its funds under management (FUM) 20 per cent for the calendar year to date and now has in excess of $1.2 billion FUM.
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