Friday, 27 May 2016
Last updated 5 hours ago
May 15 2008 | 10:21am ET
New York-based seed investor SkyBridge Capital is expanding across the pond and Down Under to access new and early-stage hedge funds.
The firm has partnered with Challenger Financial Services Group, an Australian financial services company, to launch what it calls the first global institutional hedge fund seeding and alternative investment management platform.
As part of the deal, Challenger will make a “significant” commitment to SkyBridge funds and support SkyBridge in penetrating new markets in the Australasia region to source both new capital and hedge fund managers. Challenger’s Richard Howes, principal executive officer, will become a member of the SkyBridge Investment Committee.
Anthony Scaramucci, managing partner of SkyBridge Capital, said the firm’s joint venture with Challenger will allow it to “dramatically” extend its reach to source new managers globally, and give the firm a significant new distribution channel in Australia.
The deal is expected to close in the second quarter.
SkyBridge also said it plans to open a London office in the third quarter that will serve as the firm’s center for sourcing Europe-based managers and investors.