Westpac Banking Corp. may close its funds management unit, Ascalon Capital Managers Ltd., after failing to find a buyer for the business, The Australian reported June 4, citing unnamed sources.
The unit has been off and on the market for approximately 18 months. Generation Development Group Ltd., formerly known as Austock Group, was reportedly one of the potential buyers of the unit.
The Australian lender is planning to close the business unless it finds a buyer the last minute, sources said.
