Waislitz in deal with Wentworth

Billionaire Alex Waislitz is opening his money managing style to outside investors for the first time.

Listed investment company Wentworth Holdings has struck a recapitalisation deal with Mr Waislitz's Thorney Investment Group giving Thorney up to 35 per cent of Wentworth's stock and control of its investment management.

In a statement to the Australian Securities Exchange, Wentworth, which will be rebranded as Thorney Opportunities, said it would target sophisticated and professional investors in capital raising worth $40 million.

Thorney has committed to that offer, which will deliver it 30 to 35 per cent of the new entity's stock. A subsequent capital raising offer worth about $10 million would be aimed at retail investors.

Mr Waislitz - who is married to Heloise, the daughter of the late cardboard king Richard Pratt - will be the non-executive chairman of the company, subject to him being appointed a director.

It is estimated he manages about $1 billion of the Pratt and his own family's money. Mr Waislitz has taken large stakes in companies to gain board representation and force restructuring.

Wentworth said it would undertake a one for two pro rata bonus option issue to its existing shareholders. The new entity is subject to shareholder approval at the company's AGM scheduled for mid-November.