Westpac Banking unit buys stake in Asia hedge fund

HONG KONG, March 27 Tue Mar 26, 2013 11:08pm EDT

HONG KONG, March 27 (Reuters) - Ascalon Capital Managers, a unit of Australia's Westpac Banking Corp, has bought a 30 percent stake in Singapore-based hedge fund company RV Capital Management.

The acquisition includes an investment into RV Capital's Asia Opportunity Fund, Ascalon said in a statement on Wednesday. It did not disclose the amount invested.

RV Capital was founded in 2011 by Morgan Stanley's former head of fixed income for Asia-Pacific, Ranodeb Roy, and Vickram Mangalgiri, who earlier worked at PIMCO.

The fund, which focuses on long/short investing across Asian rates, credit and foreign exchange markets, returned 21 percent last year and is up about 5 percent so far this year, according to fund performance data seen by Reuters.