One Investment Group, a $1.5 billion Australian fund management firm, will take over the majority of the $370 million in funds of funds run by Sydney-based Everest Financial Group, which last month said it would wind down operations and return capital to investors. No financial terms were disclosed for the agreement.
ASX-listed Everest runs the Credit Opportunities and absolute return-focused Alternative Investment Trust multi-manager funds. It was adversely affected by financial crisis that led some of its underlying managers to gate their funds. It had AUM of $2.5 billion in December 2007 under its previous name, Everest Babcock & Brown.