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Westpac takes Ascalon
Westpac has moved to take 100 per cent ownership of boutique funds manager Ascalon Capital Managers.
Ascalon, which has acted as an incubator for emerging boutique funds management firms, has been fully acquired by Westpac as part of its overall objective to increase its wealth management exposure.
Kaplan Equity is selling the 50 per cent equity being purchased by Westpac.
Director Sam Kaplan said Kaplan had opted to sell its stake based on its desire to focus its private equity investment on the logistic sector.
Commenting on the move, BT Financial Group chief executive Rob Coombe said the move to full ownership was consistent with the banking group’s overall objective to increase exposure to wealth management, particularly in higher margin products such as alternative assets.
Ascalon chief executive Andrew Landman said Westpac’s 100 per cent ownership would send a strong signal to the market.
“Asset consultants and potential investors are increasingly demanding that boutiques demonstrate strong financial backing,” he said. “The Westpac Group’s full purchase of Ascalon sends a strong signal regarding our financial position and business model.”
AUTHOR
Mike Taylor
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