Westpac ceases to own Ascalon Capital Managers

Company News

by Rachael Jones

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
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.