Sydney-based Keybridge Capital Limited has exited its funds management operation, Aurora Funds Management.
The company announced to the Australian Securities Exchange (ASX) today that it had entered into a binding agreement for the sale of Aurora Funds Management to Seventh Orion as trustee to the Aurora Investments Unit Trust,
Aurora is the responsible entity and investment manager for a number of alternative investment funds, including the Aurora Fortitude Absolute Return Fund, the Aurora Absolute Return Fund, the Aurora Dividend Income Trust, the Aurora Global income Trust, the Aurora Property Buy-Write Income Trust and the HHY Fund.
The ASX announcement said that following completion of the transaction, it was contemplated that Keybridge would be appointed as the Investment Manager for HHY Fund, while Aurora would remain as the Responsible Entity.
The ASX statement said the sale of Aurora would generate a maximum of $1.8 million of proceeds for Keybridge which would be used as working capital by the company.
The announcement said the exit from the funds management business would allow Keybridge to focus on other parts of its current investment portfolio.
