Challenger sells Kapstream stake for $45M

Company News

Challenger Limited (ASX:CGF) has sold its 25 per cent interest in Australian based global fixed income fund manager Kapstream Capital for $45 million. 
 
The investment manager has sold its interest to US-based global investment business Janus Capital Group. 
 
Challenger believes the sale provides further opportunities to develop Kapstream and Challenger’s Fidante Partners' businesses.  
 
The company will recognise a $40 million pre-tax profit from the sale of the equity interest which will be recognised in the 2016 financial year.