Mergers & Acquisitions / Joint Ventures

Australia's Ascalon buys 30% stake in Regal

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Australian hedge fund incubator Ascalon Capital Managers has paid an undisclosed sum for a 30% stake in Sydney-based Regal Funds Management, which runs about $300 million in Australian equity long/short, market neutral, quantitative and absolute return strategies.

Founded in 2004, Regal is the seventh firm to join Ascalon's family of Australian investment managers, which include H3 and Helix Partners. In doing so, Regal aims to expand its AUM using Ascalon's marketing platform, which targets investors Down Under, including the retail market.

Ascalon is wholly-owned by Westpac Group, one of Australia's largest banks.