Melbourne-based Contango Asset Management has announced a management buyout and an intention to list on the ASX.
Contango chief investment officer and director George Boubouras said the buyout is 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. “We look to the future success of the business with great enthusiasm and confidence.”
Pacific Point Partners, an investment vehicle controlled by James Packer and Robert Rankin, will be a cornerstone investor in the sale, with a subscription of 19.9 per cent in the transaction.
Contango Asset Management is responsible for a number of listed investment companies including Contango Income Generator (ASX: CIE), whose chair supports the transition.
“The company’s board of directors is supportive of the acquisition and is very pleased to have secured the continuing services of Contango Asset Management as its investment manager after this transaction,” Mr Boubouras said.
The change of ownership will occur on 1 July 2016.