An infrastructure asset management firm formerly owned by Westpac has rebranded after its recent sale.
Hastings Funds Management will now be known as Vantage Infrastructure, after new owner Northill Capital repositioned the brand to reflect its new independence.
Vantage senior partner Valeria Rosati echoed the sentiment, stating the Northill ownership allowed the business to now become independent.
"Our new identity along with Northill's engagement reflects our business moving forward as an independent firm, where our proven investment process is maintained and our commitment to ensuring long-term successful outcomes for our clients remains our primary priority," Rosati said.
Members of Northill will join the board of Vantage, however according to Northill the firm will maintain operational independence. Northill will allow certain senior members of Vantage to acquire a material ownership stake in the firm. Rosati added that over time key staff members could also acquire a stake in the firm.
"The partnership with Northill will, in addition, enable us to more readily broaden equity ownership of the firm to key members of staff over time. This is an exciting juncture for our business and we look forward to working together to further develop our international presence and expand our capabilities," Rosati said.
Northill Capital partner Jon Little added the UK firm would take a long term outlook on its investment in Vantage.
"We are focused on investing over the long term to support Vantage Infrastructure's continued development and provide significant co-investment capital to enhance alignment with investors. With its talented team and strong track record, as Vantage Infrastructure embarks on its new journey as an independent firm, together we look forward to progressing its strong business momentum and substantial international potential."Little said.
The rebrand follows the sale of the firm by Westpac's Institutional Bank to the UK firm in November of last year. Westpac had owned the business since it purchased a majority share in 2005 having initially acquiring a stake in 2002.