Boutique firm Aurora Funds Management will have its second owner in less than two years following its sale to Seventh Orion, set for this Thursday 30 June.
In a statement to the ASX, Keybridge Capital said it had entered into a binding agreement for the sale of Aurora Funds Management to Seventh Orion as trustee for the Aurora Investments Unit Trust.
The announcement comes less than 18 months after Keybridge Capital purchased Aurora FM from its then-owner Aurora Funds Pty Ltd for $4.3 million.
The deal will generate up to $1.8 million for Keybridge Capital which will be used as working capital, the statement said.
Aurora FM is the responsible entity and investment manager for six alternative investment funds.
According to the statement, it is "contemplated" that following completion of the sale, Keybridge will be appointed as the investment manager of one of the six funds (namely, the HHY Fund).
"The exit from the funds management business will allow Keybridge to focus on other parts of its investment portfolio," the statement said.
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