Henderson buys stake in H3 Global Advisors

Westpac unit Ascalon sold the 45 per cent stake in undisclosed terms.

Ascalon Capital Managers has sold its 45 per cent holding in H3 Global Advisors to Henderson Global Investors. Ascalon chief executive Chuak Chan said H3’s assets had grown under the firm's ownership to at least $340 million from from about $50 million in July 2007.

H3 Global Advisors is an alternative investment manager specialising in managed futures and commodities investments. Terms of the deal were not disclosed.

Ascalon is fully owned by Westpac Banking Corporation, and sits within its wealth management division BT Financial Group.