Challenger to sell Whitehelm stake to European player
Challenger has entered into agreement to sell its 30% equity stake in infrastructure boutique, Whitehelm Capital to Patrizia.
Whitehelm, which was part of Fidante Partners, was established in 2014 following the merger of Challenger’s and Access Capital Advisers’ respective infrastructure businesses and was 70% owned by Whitehelp employees and 30% by Challenger.
Meanwhile, Patrizia was a listed real asset manager headquartered in Germany and had €48 billion ($76 billion) in funds under management.
Challenger’s sale consideration would be paid in cash and was expected to be completed in the first quarter of 2022 while Fidante would provide administration and distribution services for up to two years post completion.
Nick Hamilton, chief executive, funds management at Fidante, said: “While it is not our strategy to sell our interest in boutique partners, Patrizia’s offer provided a unique and compelling opportunity for Challenger to deliver value for shareholders.
“Fidante Partners has a healthy pipeline of potential strategic opportunities and we will continue to invest to support its growth.”
Graham Matthews, chief executive of Whitehelm, said: “We are really excited about partnering with Patrizia. They represent a perfect cultural and strategic fit and will enable us to expand our client reach especially in Europe, providing access to their extensive client base”.
AUTHOR
Laura Dew
Recommended for you
The UK-based global asset manager has formed a new group executive committee to accelerate its growth strategy following the commencement of its new CEO this month.
Momentum Media has announced 26 winners across 10 individual and 15 group categories for its brand-new Australian AI Awards.
The financial services industry is currently “overwhelmed with quality and quantity of candidates”, Kaizen Recruitment explains, leading executives to face 12-month long recruitment processes.
Zenith Investment Partners has appointed an experienced research executive as its new group head of research following the departure of Bronwen Moncrieff.
