Mergers & Acquisitions / Joint Ventures

Westpac subsidiary acquires stake in long/short equity manager Canning Park


Westpac Banking Corporation’s subsidiary Ascalon Capital Managers (Asia) has acquired a 30% stake in Canning Park Capital, a long/short equity manager run by former AlphaGen Capella, Morgan Stanley and Goldman Sachs veterans.

Canning Park is the second Asian-based alternative manager that Ascalon has partnered with in the space of less than two months. In December, the boutique incubator announced it had acquired a 35% stake in the Hong Kong-based event-driven manager Athos Capital.

Ascalon’s investing focuses around taking equity stakes in boutique asset managers specialising in high conviction or absolute return strategies.

In July last year, the firm hired Chuak Chan,