everest in talks to sell hedge fund business

Published 2:03 PM, 7 Nov 2008

By a staff reporter

Fund manager Everest Babcock and Brown has responded to media speculation that it was in talks to sell all or part of its hedge fund business, saying the company is still considering strategic partnerships that may result in the sale by existing shareholders of their holding in Everest.

The Australian Financial Review reported this morning that it expected an announcement on a sale to be made within a month, however Everest said although discussions had progressed with parties they had not reached any agreement.

"EBB continues to consider strategic partnerships with institutions and funds management businesses both in Australia and internationally," the company said.

"This process may result in the sale by existing shareholders of their holdings in EBB, or the full sale of EBB."

"These discussions have progressed but there is no certainty that any agreement will be reached. We are therefore unable to comment on when or if any potential transactions will occur."

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