Ascalon Capital Managers,St George’sfunds management incubator, has expanded its list of managers announcing the addition of a further two emerging managers to its pooled development fund list.
Ascalon has added Hawkesbridge and Jenkins Investment Management to its current list of two, Investment Management Services and InvestmentAustralian Ethical, for a total of four managers since kicking off in mid December.
Ascalon is a pooled development fund which specialises in identifying small and fast growing emerging fund managers as the rising stars of the next generation of funds management. The fund now manages around $968 million.
As part of the process of supplying venture capital to emerging fund managers, St George will also take equity positions in the managers of between 15 to 50 per cent but says the exact stakes would not be revealed.
Ascalon chief executive Ray De Lucia says the fund now provides product offerings in the core domestic asset classes of Australian shares and fixed income as well as introducing capabilities in private equity funds management.
“The investment capabilities of our core group of managers ensure we are well placed to deliver product to all client bases, in particular through the St George Group network,” he says.
The investment products made available by Ascalon will be targeted at superannuation funds, institutions, high net worth clients and retail customers channelled in by St George’s distribution network, including St George Private Wealth Management,Advance Funds Managementand Sealcorp.
De Lucia says these products prove St George’s commitment to funds management.
When Ascalon was launched late last year, De Lucia indicated that it was ultimately aiming to expand its manager list to 15.
At the time, De Lucia said the aim behind the group was to expand the range of funds management houses in the industry because the group felt the number was shrinking and investors were seeking more players that are viable.
