Contango AM in management buy-out


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.
Recommended for you
The $673 billion global investment manager has appointed a former Zenith sales head as it seeks to expand its reach in the Australian wealth management market.
Fund managers may be operating in a squeezed environment, but a salary guide shows they are willing to pay up for specialist talent to diversify their fund range.
Reach Alternative Investments has entered into a strategic partnership with Russell Investments to bolster its wholesale private markets offering for financial advisers and investors.
Boutique investment consulting and research house Genium Investment Partners has announced a senior appointment to drive further growth in its research ratings business.