Funds management firm Ascalon Capital Managers (Ascalon) has widened its distribution channel with the purchase of a controlling stake in The Private Collection (TPC).
“We’ve looked to our partners like St George to help us distribute but we’re looking for alternatives,” Ascalon chief executive Nick Basile said. “I think The Private Collection does give us a big leg up in that area,” said.
“We’ve got alliances with them [St George] and others.”
The 51 per cent acquisition of the distribution business is the first in a number of purchases for the group, Basile said.
“We do have a couple of things in the pipeline but unfortunately we’re under confidentiality so I can’t talk about them,” he said.
As part of the acquisition of TPC, the group will be involved in the distribution of Ascalon’s latest product the Ascalon H3 Commodies Fund.
“This deal makes a lot of sense for TPC and for Ascalon,” TPC chief executive Krystyna Weston said.
“Distribution is critical to the success of boutique fund managers and we are thrilled to now be working with quality managers such as H3 Global Advisors alongside other quality managers both from within and external to the Ascalon stable.”
As well as H3 Global Advisors, Ascalon’s other boutique fund managers include MacarthurCook, Alleron Investment Management, First Samuel Limited, MillhouseIAG, Continuum Capital Management, Above The Index, Fortuna Funds Management and Direct Portfolio Group.
Ascalon is co-owned by St.George Bank and Kaplan Equity. Both hold 50 per cent of the shares in the business.
