Challenger sells Kapstream stake for $45M

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Last Updated: 28/01/2020 3:13 PM

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.