Westpac’s acquisition of boutique incubator Ascalon Capital Managers triggered many business pitches from funds managers worldwide aiming to access the Australian market, and saw two key BT and Westpac executives join the company’s board.
Boutique incubator Ascalon Capital Management is down to a two-horse race in its search for a head of institutional business development, while last month it purchased the 45 per cent of a retail distribution agency it didn’t already own.
Ascalon Capital Managers, the Westpac-owned boutique incubator, will conduct a custody tender as it seeks to make greater use of its investee managers’ collective buying power.
A direct report to Challenger funds management boss Rob Adams will move on to become managing director of boutique incubator Ascalon next week, following the departure of previous Ascalon chief, Nick Basile, before Christmas.