Ascalon announces Asian drive

Ascalon Capital Managers has announced a push into Asia with the assistance of a Hong Kong-based funds management specialist.

Ascalon, which is 100 per cent owned by Westpac and its wealth management division BT Financial Group, has engaged the services Chuak Chan, who helped establish the Bankers Trust Singapore fund management business in 1996.

Chan will be based in Westpac’s Hong Kong offices and will work on the licensing process there prior to Ascalon’s launch, Westpac stated.

Ascalon Capital Managers chief executive Andrew Landman said the manager is looking to expand in Asia to source potential new investments into boutique managers and accelerate growth in the offshore investor base of its current boutique partners.

The market will be critical due to the quality of absolute return managers and the access it provides to large US, European, Asian and Middle Eastern investors, he said.

“While Ascalon’s boutiques have successfully grown in Australia, the market for some of our partners’ strategies is far larger offshore and it’s important that we seek to provide active offshore distribution to our partners,” Landman said.

“It’s our aim to take equity stakes in Asian boutique firms, with the objective of expanding our stable and offering prospective partners strong operational support and access to the ever-growing Australian funds management market.”

Chan was previously chief operating officer of Segantii Capital Management in Hong Kong, and previously held roles at ING Investment Management, including chief risk officer for the Asia Pacific investment.

Chan said Ascalon’s business model will be unique in Asia, as it will seek to partner with boutique firms through investing in their business, seeding funds, raising capital and providing operational support, while the large institutional support should reduce investor concerns.