Aururo Funds Limited (AFL) has recruited Philo Capital head of sales, Stephen Karrasch, as its new head of distribution as the group closes out its acquisition deal with Keybridge Capital.
Keybridge announced the conclusion of the deal which has resulted in AFL selling Aurora Funds Management Limited (AFML) to Keybridge for $3 million plus a further $2.4 million of net tangible assets. AFML is the responsible entity and investment manager for five Aurora branded funds which collectively have $150 million in funds under management.
Under the terms of the acquisition all AFML staff will be offered employment agreements with Keybridge and the business and funds would continue under the Aurora brand.
Aurora stated Karrasch had joined the business after the internal promotion of Simon Lindsay to managing director and the sale to Keybridge which has boosted its ability to pursue further business in the retail funds management area.
Karrasch was previously with OneVue for nearly six years before moving to Philo Capital in May of last year, joining Aurora in mid-March. He has also held roles at Macquarie Bank and Rothschild Australia Asset Management and will be responsible for sales, distribution and adviser support for the Aurora product suite.
