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Money Management

Westpac sells Ascalon Capital Managers to Generation Development Group

Ascalon Capital Managers is being sold by parent Westpac Banking Group to Australian financial services firm Generation Development Group, according to a news release posted on the Australian Stock Exchange website.

Terms were not disclosed.

Ascalon invests in hedge fund and absolute return-focused long-only money management firms in Australia and the broader Asia-Pacific region. The firm will continue to hold minority equity interests in global equity firm Morphic Asset Management and emerging markets equity manager Deepwater Capital, according to the release. What is happening with Ascalon's stakes in other managers could not be learned.

Westpac's BT Financial Group, of which Ascalon is a subsidiary, decided Ascalon "is no longer a core business," the release said. Information on Ascalon's assets under management and its holdings could not be immediately learned.

The transaction is expected to close by March 2019 pending regulatory approval.