Apollo Global Management is reportedly planning to offload its investment in the owner of Lighthouse Investment Partners, three years it after it backed the fund-of-hedge-funds manager.
As part of the selloff, HFA Holdings, Australia-based asset manager and owner of Lighthouse, has appointed Freeman & Co to explore a variety of options, including a complete sale of Lighthouse, people familiar with the matter told Reuters.
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HFA said: "The Board of HFA routinely undertakes reviews of its various businesses, subsidiary business partners, organizational structure and capital structure, with a view to exploring ways to enhance shareholder value.
"In response to the media speculation, HFA advises that such a review process remains incomplete, and the undertaking of a review by the company in no way indicates a material transaction is imminent or certain," HFA added.
During the time of Lighthouse acquisition in December 2010, Apollo CEO Leon Black said that it was extremely impressed with Lighthouse’s management team and its business model, which he claimed as highly complementary.
Following the deal, HFA shares, which derive around 90% of its net operating income from Lighthouse, have been relatively flat in the past three years.
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