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Mar 28 2013 | 9:43am ET
A private-equity fund investing in hedge fund managers owned by Australia's Westpac Banking Corp. has added Singapore's RV Capital Management to its stable.
Westpac's Ascalon Capital Managers has bought a 30% stake in RV Capital and invested in the hedge fund's flagship Asia Opportunity Fund, it said. RV focuses on rates, credit and foreign exchange.
RV is Ascalon's third investment in Asia, following its purchase of 30% of Canning Park Capital and 35% of Athos Capital in 2011. The latest member of the Ascalon family was founded that year by former Morgan Stanley Asia-Pacific had of fixed-income Ranodeb Roy and Pacific Investment Management Co. veteran Vickram Mangalgiri, and returned 21% last year.
"RV Capital is led by experienced investors who have operated at the highest level for many years," Chuak Chan, Ascalon CEO, said. "We believe RV Capital is posed for strong future growth."