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Corporate filing confirms Packer, Ellerston Capital split

Published 7:32 AM, 16 Jan 2013

The longtime investment and funds management group run by the Packer family is now operating largely independent of the family, according to new corporate regulator filings that reveal the extent to which James Packer has distanced himself from the group, according to The Australian.

Ellerston Capital had been 100 per cent owned by Mr Packer's Consolidated Press Holdings. But in August 2011 CPH sold down its stake through a capital reconstruction, leaving Ellerston 75 per cent owned by a trust controlled by its employees and headed by Mr Packer's longtime adviser Ashok Jacob.

Mr Packer has also left Ellerston's board, and Ellerston's registered office has moved from the Packer compound at 54 Park Street, Sydney to around the corner at 179 Elizabeth Street.

Mr Jacob had been among the closest advisers to Mr Packer's father, Kerry Packer, and until recently James Packer and Mr Jacob's offices adjoined each other.

http://www.businessspectator.com.au/bs.nsf/Article/Corporate-filing-confirms-Packer-Ellerston-Capital-pd20130115-3YRNC?OpenDocument