Ascalon Capital plans to boost its distribution team as the firm eyes a stake in more boutiques.
The announcement follows Westpac's decision yesterday to take full ownership of the firm. Westpac bought out Kaplan Equity's 50 per cent holding of the company.
"We have really enjoyed the support of Kaplan Equity. The acquisition of our business by Westpac will provide us with strong capital backing," Ascalon chief executive Andrew Landman said.
Landman said the firm is planning to acquire strategic investments in more boutique investment managers as well as boost its distribution team.
The firm oversees seven boutique managers including a number of Australian equity managers who invest across a range of investment styles.
"We would really like to add a global equities manager to our stable as well as an alternative assets fund of fund manager," Landman said.
The firm will also be looking to add to its distribution team, with a particular focus on the institutional market.
"We would like to focus more on the institutional side. We already have a distribution business through The Private Collection. This business includes both retail and institutional distribution capabilities," Landman said.
"Obviously, if we are looking to add more boutiques we would like to service them accordingly."
