Wingate takes stake in Everest Babcock and Brown
Wingate Group has purchased a 19.9 per cent interest in struggling Babcock and Brown firm Everest Babcock and Brown (Everest).
Wingate is a Melbourne-based private investment and advisory firm that has a joint venture with Australian Unity Investments, Wingate Asset management, which offers two international equities funds.
Everest, which was founded in 2000 and listed on the Australian Securities Exchange in 2005, is an absolute return manager that manages a number of investment funds with combined assets of $2.4 billion (as at September 2008).
“We believe funds management in Australia has a strong future and while the current environment may be difficult for funds management businesses, this provides opportunities for businesses such as ours,” said Wingate Group founder and managing director Farrel Meltzer.
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Mike Taylor
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