Ascalon Capital Managers, an Australia-based asset manager arm of BT Financial Group, has purchased a minority stake in global long / short equity fund manager Morphic Asset Management for an undisclosed sum.
Founded in 2012 by Jack Lowenstein and Chad Slater, Morphic now has $50 million in funds under management.
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In 2012, the firm has launched its flagship fund, the Morphic Global Opportunities Fund.
Financial terms of the deal have not been disclosed.
Chuak Chan, CEO of Ascalon said: "Morphic is led by skilled investors who have operated at the highest level for many years. The Principals have built a strong proposition for investors and we are pleased with the positive development of their company and fund since launching a couple of years ago. We believe that Morphic has the potential to achieve strong future growth."
Jack Lowenstein, joint-CIO and managing director of Morphic said: "We now have a partner in Ascalon that has the right model in place to allow us to focus more on managing our investors’ money. The strength of the Ascalon team’s support services, particularly their distribution capability, is central to our growth going forward."
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By GlobalDataNick Minogue chairman of Morphic said: "We now have the support base to enhance our marketing efforts both in Australia and overseas, plus further strengthening our compliance and administration processes."
Rob Lance, head of Ascalon in Australia, said: "The team led by Jack and Chad is dynamic; their global strategy I think will resonate well with a broad group of investors both locally and overseas. As an investor ourselves, the ability for Morphic to be competitive when markets rally then have the flexibility to bring down their net exposure in bear market cycles is an attractive proposition."
