Regal Funds Management, the Sydney-based alternative equity and hedge fund manager with approximately $350 million under management has sold a 30% stake in the business to Ascalon for an undisclosed sum.
Ascalon, which is part of BT Financial Group is a specialist investor in boutique fund management firms, providing a range of services to their underlying managers, in particular marketing to Australian investors.
Regal, which was formally 100% owned by brothers Philip and Andrew King, manages a series of wholesale equity-based funds including market neutral, long/short and Asian quantitative strategies and has a six-year track record. Regal's Amazon and Tasman market neutral funds, launched in June '05 and May '07 respectively have both produced annualised returns in excess of 20% since their inception.
