September 27, 2018 / 10:53 PM / 20 days ago

Australia's Westpac to sell funds management arm to Generation Development Group

Sept 28 (Reuters) - Westpac Banking Corp said on Friday it had agreed to sell funds management business Ascalon Capital Managers to Generation Development Group.

The lender said in an announcement that funds manager Generation Development will invest in Ascalon and become its ultimate owner. It did not disclose the amount for which the business was being sold.

Westpac added that the transaction, which is expected to close by March 2019, is subject to approval from the Securities and Futures Commission of Hong Kong. (Reporting by Ambar Warrick in Bengaluru; editing by Jonathan Oatis)

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