Challenger takes stake in boutique funds
|
|
Challenger Financial Services Group is to take equity stakes in a number of boutique fund managers.
The plan involves taking a 30 per cent holding in a new fixed interest boutique to be launched in late 2008, run by the former head of fixed interest for Credit Suisse Asset Management, Ben Alexander.
This new boutique will be initially focused on managing Australian fixed interest and inflation linked bond portfolios.
Challenger will also take a 27.5 per cent holding in an established Australian equities hedge fund boutique business, WaveStone Capital.
WaveStone was established in September 2006 by Ian Harding, Graeme Burke and Catherine Allfrey, who had previously worked together at Colonial First State.
Challenger will be providing seeding to WaveStone to establish a new offshore absolute return fund based in the Cayman Islands, according to a Challenger media release.
This new fund will add to WaveStone’s current product range and takes the business to over $100 million in contracted funds under management, it said.
Additionally, Challenger has entered into a strategic partnership with SkyBridge Capital, LLC, a New York-based group that provides strategic capital to new and early-stage hedge funds.
Under the partnership, Challenger will support SkyBridge in not only raising capital from the Australasian region but in sourcing talented hedge fund managers.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
