Nick Basile
Ascalon Capital Managers, a joint venture between St George Bank and Kaplan Equity, has announced it is now the majority shareholder of separately managed accounts (SMAs) specialists Explorer Group.
Ascalon will have an 80 per cent stake in the company, while its original founder, John Aldersley, will retain 20 per cent. Ascalon originally bought 40 per cent in early September and has exercised its option to gain a larger share holding.
Explorer has also announced that it will change its name to Direct Portfolio Group Limited (DPG).
Ascalon chief executive officer Nick Basile said with SMA’s heading for major growth, he believes DPG is ideally placed to support the investment needs of both advisers and consumers.
“The ShareInvest SMA Wrap is a compelling alternative platform for discerning financial planners and private bankers looking to improve practice efficiency and provide best of breed products to their clients,” he said.
“With a renewed and a more focused business direction, DPG is set for major expansion over the coming years.”
This comes as good news for DPG and company head Aldersley following last year’s failed buy-out attempt by the struggling financial services firm First Capital Group.
As reported in Money Management, First Capital’s deal languished for almost a year before Aldersley pulled the plug, filing a letter of termination of the share sales agreement in June 2007.
