Westpac Banking Unit Buys 30% Stake In Asia Hedge Fund

Law360, New York (March 27, 2013, 4:45 PM EDT) -- The wealth management division of Australian lender Westpac Banking Corp. has acquired a 30 percent stake in Singapore-based hedge fund RV Capital Management Pvt. Ltd. and will also invest in its flagship Asia-focused opportunity fund, Westpac announced Wednesday.

Ascalon Capital Managers Ltd., a wholly owned subsidiary of Sydney-based Westpac, said it had acquired the stake in exchange for a capital investment in the Singapore hedge fund manager. Ascalon Capital agreed to separately invest in RV Capital's Asia Opportunity Fund, which focuses on long-short investing in Asian...
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