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Westpac Unit to Buy Stake in Former Nomura Trader’s Hedge Fund

Westpac Banking Corp.’s investing unit will spend more than $50 million to buy a stake and provide initial investment capital in Hong Kong-based hedge fund Seyon Asset Management Ltd., which is led by former Nomura Holdings Inc. trader Pradeep Swamy.

The deal takes Ascalon Capital Managers Asian portfolio to four, and the total to seven across Sydney, Singapore and Hong Kong, it said in an e-mailed statement. Swamy, who was previously chief investment officer of an in-house hedge fund within Nomura’s Asian equities business, will lead a 12-member team in Hong Kong, it said.