Keybridge Capital has agreed to sell its funds management arm Aurora Funds Management to Seventh Orion for $1.8m.
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The sale proceeds will be used for Keybridge’s working capital purposes.
Aurora serves as the investment manager for Aurora Fortitude Absolute Return Fund, Aurora Absolute Return Fund, Aurora Dividend Income Trust, Aurora Global Income Trust, Aurora Property Buy-Write Income Trust, and HHY Fund.
Keybridge is expected to be appointed as the investment manager for the HHY fund following completion of the deal.
"The exit from the funds management business will allow Keybridge to focus on other parts of its current investment portfolio," KeyBridge stated.
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By GlobalDataThe deal is expected to close on 30 June 2016, subject to customary conditions.
Keybridge executive director Antony Sormann said: "I would like to take this opportunity to thank all of Aurora’s employees for their efforts over the past year and wish them every success in the future."
Meanwhile, John Corr has resigned from his position of executive director of Aurora, while KeyBridge board representatives- Antony Sormann and Jamie Schwarz- have decided to resign following completion of sale.
The buyer will recruit new board representatives after completion of the deal.
