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 alternative investment manager has signalled its intentions to repackage an existing fund into a second private equity vehicle, targeting both listed and unlisted opportunities.
The acquisition of Mason Stevens by Adamantem Capital has reached completion, as the wealth platform looks to increase investment into its services for Australian wealth practices.
Platinum Asset Management and VanEck have both announced name changes to multiple of their ETFs to clarify their complexity.
Active ETFs are gaining traction in Asia-Pacific as wealth managers seek to blend the low-cost fees of passive with active management.
