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Westpac unit to sell UK, US businesses to Northill Capital

Westpac Banking Corp. subsidiary Hastings Management Pty. Ltd. agreed to sell its businesses managed out of the U.S and the U.K to Northill Capital LLP for an undisclosed sum.

The businesses manage a portfolio of infrastructure debt and equity assets across the U.S., U.K., Europe and Australia for global institutional investors. The Australian bank said Dec. 20 that Hastings Management's Australian business will continue to fulfill its contractual obligations to its clients.

The deal is subject to regulatory approvals.

The announcement came after Northill Capital in November agreed to acquire Westpac's infrastructure investment arm, Hastings Funds Management.