nabInvest has hired former Ascalon Capital Managers chief executive Nick Basile as the firm's investment director.
Basile will report to nabInvest chief executive Garry Mulcahy.
Basile has over 20 years experience in financial services. He worked at the Commonwealth Bank and St George Bank before being appointed to Ascalon as chief executive in August 2008.
Ascalon Capital Managers was established by St George Bank and Kaplan Funds Management. The business specialised in commercialising and building boutique fund managers.
In his job with nabInvest, Basile will develop the firm's direct investment business which adopts a similar model to Ascalon Capital Managers.
National Australia Bank set up nabInvest in November 2007. nabInvest's strategy will be to co-invest with boutique fund managers.
The firm's stable of managers include Antares/Lodestar, Northward Capital, Pengana Capital, Fairview Equity Partners, National Specialist Investment Management and Cambridge Industrial Trust.
"Nick's extensive investment management experience, analytical ability and strong track record in business development will be an asset to nabInvest in maximising the many opportunities presenting themselves during these challenging market conditions," Mulcahy said.
