Sydney-based Ascalon Capital Managers, part of Westpac’s BT Group, has acquired a 30 per cent equity stake in Singapore hedge fund Canning Park CPARA_BREAK_SENTINEL_9f8e7d6c

Sydney-based Ascalon Capital Managers, part of Westpac’s BT Group, has acquired a 30 per cent equity stake in Singapore hedge fund Canning Park Capital reported InvestorDaily this week. It becomes the ninth fund in Ascalon’s suite of boutique managers. Canning Park uses a long/short equity strategy and invests in 10 Asian markets. It was founded in July 2010 by Jason Rich, David Thompson and James Hynes. Ascalon chief executive, Andrew Landman, said in a statement that good quality alternative managers “remain under-represented in many institutional and high-net-worth investor portfolios” and said that a long/short Asian equity manager “may be appropriate”. The decision to invest in Canning Park comes just a month after Ascalon took a 35 per cent stake in Hong Kong-based Athos Capital, an event-driven fund. “In the short term we’re happy with our current structure. When you form a new partnership, there’s quite a lot of work to do,” Ascalon’s head of business development Jason Collins told InvestorDaily. “We always look at opportunities but we’ve got good partners.” In a statement released by Canning Park, Thompson said: “The team at Canning Park have known the executives at Asclaon for several years and we have great confidence in the individuals we will be partnering with as we embark on a new growth phase for the business.”