Westpac (ASX:WBC) today announced it will cease to own Ascalon Capital Managers following an agreement with Generation Development Group (ASX:GDG) under which GDG will invest in Ascalon and become its ultimate owner.
Following completion of the transaction, Ascalon will continue to hold minority equity interests in the investment management firms Morphic Asset Management and Deepwater Capital.
While Ascalon has a strong record as a leading incubator and partner of boutique fund managers in the Asia Pacific, BT Financial Group has decided it is no longer a core business and has decided to exit.
Completion of the GDG transaction is subject to the approval of the Securities and Futures Commission of Hong Kong.
Shares in Westpac (ASX:WBC) closed 0.72 per cent lower to $27.61 yesterday