St.George-owned Ascalon Capital Managers has taken a 25 per cent equity stake in Victoria-based boutique fund manager First Samuel, taking the group’s equity positions in boutique managers to six.
First Samuel is a private client company specialising in management of discrete domestic equity portfolios, with $94 million in funds under management.
Ascalon assists in the commercialisation and development of boutique managers it deems to be future leaders in the funds management industry.
Ascalon’s previous investments include property and mortgage fund specialist MacarthurCook Investment Management,Australian Ethical Investment, Investment Management Services, Jenkins Investment Management and Hawkesbridge Limited.
Ascalon’s investee managers now collectively manage around $2 billion of client funds.
Ascalon chief executive Ray De Lucia, who has been appointed to the First Samuel board, praised the boutique manager for its experienced team, robust investment processes and potential for growth.
Established in 1999 with a no commissions, full disclosure philosophy, De Lucia says First Samuel stands out from the funds management crowd because of its tailored discretionary wealth management style.
“A key differentiator between First Samuel and other private client portfolio managers is that First Samuel individually designs and manages each client portfolio in accordance with a well thought-out investment program.
“All investments remain registered in the clients’ name, thereby allowing the active management of each client’s specific investment objectives, tax preferences and income requirements,” De Lucia says.
