The sale includes the Patriot Small Companies Fund and the large-cap Patriot Australian Share Fund. Ironbark has appointed Karara Capital to be the fund's investment manager.
Small-caps portfolio manager Nick Greenway will be the only member of the incumbent investment team to move to the Karara Capital team.
"While we have met with both parties on a number of occasions, we are keen to observe a successful management transition before reviewing the fund's on-hold status," S&P analyst Anthony Karaminas said.
Patriot's managed accounts have been sold to OC Funds Management in a separate transaction.
Patriot principal Stephen Sedgman and portfolio manager Stephen Evans will join the OC Funds investment team as part of the acquisition.
The acquisition will increase OC Funds' funds under management to $200 million.
