Contango AM in management buy-out

funds-management/investment-management/buy/

24 June 2016
| By Mike |
image
image
expand image

Contango Asset Management Ltd (CAM) has been the subject of a management buy-out ahead of a planned public listing.

The company announced today that a key cornerstone investor in the transaction had been the investment vehicle controlled by James Packer and Robert Rankin, Pacific Point Partners for a subscription of 19.9 per cent of the transaction.

The announcement said the cash consideration for the purchase of CAM was $13 million.

CAM chief investment officer and director, George Boubouras, described the transaction as the first step in an exciting future for the business.

"The Contango Asset Management team is highly motivated to grow the business into one of Australia's pre-eminent fund managers," he said.

"Alignment between a committed global cornerstone investor and the management team is a strong positive for a broad range of stakeholders."

CAM was formerly owned by listed investment company, Contango MicroCap Limited.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 3 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 4 weeks ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

1 week 5 days ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 3 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks 1 day ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND