Challenger Financial Services is added to its range of boutique fund managers, buying stakes in a new fixed interest manager and a hedge fund manager. Challenger will own 30 per cent of a fixed interest boutique that will launch later this year and has bought 27.5 per cent of the Australian equities hedge fund manager WaveStone Capital.
WaveStone was established in September 2006. Challenger will provide the manager with seeding for a new offshore absolute return fund based in the Cayman Islands which will push WaveStone's total funds under management past $100 million.
