Kapstream sale to create opportunities
Challenger has announced the sale of its 25 per cent stake in Sydney-based global fixed income fund manager Kapstream Capital to Janus Capital, this morning.
In a statement to the Australian Securities Exchange, Challenger chief executive, Brian Benari said the $45 million sale provided an opportunity for its Fidante Partners businesses.
"We are not naturally a seller of our boutique funds management equity interests, but this transaction provides unique opportunities to develop Kapstream's and Fidante Partners' businesses," he said.
"It realises value for shareholders; it provides continuity to Kapstream's clients and business operations, through new service agreements which we have signed with Kapstream and Janus; and it opens the door for further long-term strategic collaboration between the firms, including product development and distribution."
AUTHOR
Nicholas O'Donoghue
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