Westpac/BT exits Ascalon
Westpac has announced its exit from its incubator, Ascalon Capital Managers.
The big banking group has told the Australian Securities Exchange that it will cease to own Ascalon following an agreement with Generation Development Group under which Generation will invest in Ascalon and become its ultimate owner.
The ASX announcement said that following completion of the transaction, Ascalon would continue to hold minority equity interests in the investment management firms Morphic Asset Management and Deepwater Capital.
It said that other firms in which Ascalon currently holds an interest will not form part of the transaction.
The ASX announcement said that while Ascalon had a strong record as a leading incubator and partner of boutique fund managers in the Asia Pacific, BT Financial Group had decided it was no longer a core business and had decided to exit.
It said completion of the transaction was subject to the approval of the Securities and Future Commission of Hong Kong and was expected to occur in March, next year.
Recommended for you
The possibility of a private credit ETF is looking unlikely for now with US vehicles seeing limited uptake, according to commentators, but fixed income alternatives exist that can provide investors with a similar return.
Ahead of the approaching end of the financial year, State Street has shared five tips for advisers who are using ETFs in their client portfolios.
The use of active ETFs in model portfolios by financial advisers is a key factor in the growth of the products for iShares, according to BlackRock.
Global asset manager BlackRock has identified bringing private markets to the wealth channel as a key business area for the firm that could generate US$500 million in revenue in the future.
