Westpac buys out Ascalon Capital
Westpac has made an in-principle agreement with private equity investment company Kaplan Equity to buy out Ascalon Capital Managers. The deal is expected to close in October, giving Westpac 100 per cent ownership of the boutique fund manager.
Formerly of St George Bank, Ascalon became part of the Westpac stable following the Westpac/St George merger late last year.
BT Financial Group's chief executive, Rob Coombe, said the move "was consistent with Westpac's overall objective to increase exposure to wealth management, particularly in higher margin products such as alternative assets".
Ascalon chief executive Andrew Landman echoed sentiments from Coombe that the acquisition was a testament to the strength of Ascalon's business model, and said it confirmed Westpac's previously expressed desire to add more boutiques to Ascalon's group.
Director Sam Kaplan said the decision to sell Kaplan Equity's shares in the boutique fund manager reflected its desire to focus its private equity investment on the logistics sector, where they are currently considering "several new opportunities".
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