Sydney-based Ascalon Capital Managers, a unit of Westpac, has agreed to acquire an equity stake in Hong Kong-based hedge fund Seyon Asset Management.
The Sydney-based firm also plans to seed Seyon’s flagship fund after the licence gets approved.
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Seyon is headed by former Nomura Holdings trader Pradeep Swamy, who will head a 12-member team in Hong Kong. Most recently, Swamy served as CIO of an in-house hedge fund within Nomura’s Asian equities arm.
Seyon’s core investment team also includes Fred Lam as head of research, and Amberish Rathi as director of credit and equity linked, while the business management team is headed by Heide Heiden-Blunt as COO.
Ascalon CEO Chuak Chan said in an emailed statement: “There is a scarcity of opportunity for investors looking to allocate to institutional-grade multi-strategy firms in Asia.
“Seyon’s senior investment team have a proven track record delivering attractive returns across market cycles, working at leading global institutions. Critically, the principals have worked together before, minimising a key risk of investing in start-ups.”
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