Contango AM in management buy-out
Contango Asset Management Ltd (CAM) has been the subject of a management buy-out ahead of a planned public listing.
The company announced today that a key cornerstone investor in the transaction had been the investment vehicle controlled by James Packer and Robert Rankin, Pacific Point Partners for a subscription of 19.9 per cent of the transaction.
The announcement said the cash consideration for the purchase of CAM was $13 million.
CAM chief investment officer and director, George Boubouras, described the transaction as the first step in an exciting future for the business.
"The Contango Asset Management team is highly motivated to grow the business into one of Australia's pre-eminent fund managers," he said.
"Alignment between a committed global cornerstone investor and the management team is a strong positive for a broad range of stakeholders."
CAM was formerly owned by listed investment company, Contango MicroCap Limited.
Recommended for you
Pinnacle Investment Management has announced it plans to launch a new affiliate from a global equities team departing Royal London Asset Management.
Asset manager Nuveen is seeing opportunity in municipal bonds which are at their highest yields in over a decade.
With energy transition remaining a significant challenge, a global index provider executive has argued that engagement could trump divestment.
Aviva Investors is maintaining an underweight stance on the communications sector within its high yield allocation as it believes it faces a higher default rate.
