- SkyBridge Also to Open London Office as Center for Sourcing Europe-based
Managers and Investors -
NEW YORK, May 15 /PRNewswire/ -- SkyBridge Capital, which provides
strategic capital to new and early-stage hedge funds, and Challenger
Financial Services Group Limited (ASX: CGF), a leading Australian financial
services company, today jointly announced an agreement to form a long-term
strategic relationship focused on the launch of the first global
institutional hedge fund seeding and alternative investment management
platform. In conjunction with the new strategic relationship, Challenger
will make a significant capital commitment to the SkyBridge funds.
As part of their new strategic relationship, Challenger will support
SkyBridge in penetrating new markets in the Australasia region to source
both new capital as well as talented hedge fund managers. Challenger will
make available to SkyBridge its world-class investment and due diligence
team. In addition, Challenger's Richard Howes, Principal Executive Officer
- Balance Sheet Asset Management, will become a member of the SkyBridge
Investment Committee.
Anthony Scaramucci, Managing Partner of SkyBridge Capital, said, "Over
the past two years, we have built SkyBridge Capital into one of the leading
strategic investors in new hedge fund managers, and today SkyBridge and its
underlying managers have approximately $1.5 billion under management. Our
new relationship with Challenger Financial Services Group, an established
participant in the Australian financial services sector, will allow us to
dramatically extend our ability to source top managers globally, broadening
the depth of our talent pool. Also, through Challenger, we will have a
significant new distribution channel in Australia, positioning our
partnership to capitalize on the current and expected growth of alternative
asset investments there."
Richard Howes, a Challenger executive, said, "Our new relationship with
SkyBridge Capital follows our extensive evaluation of the hedge fund
seeding space. We believe SkyBridge has created a unique, differentiated
platform that presents an optimal opportunity for creating outsized returns
for investors. We are fortunate to partner with Anthony Scaramucci and
Scott Prince, SkyBridge's Managing Partners. Anthony and Scott each bring
over 20 years of distinguished accomplishments in the Investment Management
industry and have a unique set of talents that differentiate SkyBridge in
its ability to source talented investment managers, manage complex global
risks and grow a global distribution platform. Furthermore, we believe
their distribution capability will be critical in attracting top-tier
talent onto the platform. We are excited to work closely together with the
SkyBridge team to capture the significant opportunity that we believe
exists in this arena globally."
The transaction is subject to customary closing conditions and is
expected to close in the second quarter of 2008.
SkyBridge also announced today that it plans to open in the third
quarter of 2008 a London office that will serve as the firm's center for
sourcing Europe-based managers and investors and will continue to add to
the firm's global footprint.
About Challenger Financial Services Group Limited
Listed on the Australian Stock Exchange, Challenger is a diversified
financial services organisation. It is dedicated to providing smarter
solutions to financial intermediaries and their clients, offering a broad
spectrum of financial products and services with A$45 billion of assets
under management as at 31 March 08.
Challenger's asset management division, which has assets under
management of A$10.4 billion as at 31 March 08, has particularly strong
expertise in infrastructure, real estate and fixed income and continues to
develop specialist funds for institutional and retail investors. It is also
a proprietary investor in its own right, raising capital through retail and
wholesale annuities and other sources to invest in assets which are under
valued for risk or have value add potential.
Through the development of strategic relationships with key
international partners Colony Capital LLC, The Bank of Tokyo-Mitsubishi UFJ
and Mitsubishi UFJ Securities, Challenger sees significant growth
opportunities in the future.
About SkyBridge Capital
SkyBridge Capital is a private investment partnership that provides
strategic capital to talented managers who are developing new or
early-stage hedge funds. The firm's team of experienced professionals
coordinates a global network of partners in sourcing hedge fund managers
and providing business-building and investment-support services from its
headquarters in New York. To date, SkyBridge Capital has made strategic
investments in nine funds. In aggregate, SkyBridge Capital and its
underlying managers currently have approximately $1.5 billion under
management.
Contact: Victor M. Oviedo
SkyBridge Capital
Tel: 212-485-3118
voviedo@skybridgecapital.com
|
