Cashwerkz keeps quiet on UBS acquisition talk

Fortlake Asset Managment, a firm set up by former UBS manager Christian Baylis and high-profile investor Alex Waislitz, could be making a move on the funds managed by the UBS fixed income segment, in conjunction with Cashwerkz, the Australian Financial Review reported on Sunday.

Cashwerkz launched Fortlake through its fund incubator, Fund Income, earlier this month. Cashwerkz chief executive John Lechte also holds a seat on the board of the boutique.

Noting the media commentary on a possible bid for part of the UBS fixed income business, Cashwekz declined to comment on “market speculation or rumours” in a statement released to the ASX.

However, it has stated that it continually assesses growth and acquisitions from “time to time” and it expects to expand, both organically and through deals.

“The company regularly reviews opportunities for expansion and would only pursue an acquisition if it is clearly value accretive for shareholders, and once appropriate due diligence enquiries have been undertaken. Capital requirements will be reviewed in light of any transaction should it proceed down the track,” it said.

“Importantly, should an appropriate strategic opportunity present itself, Cashwerkz has the team internally and the backers externally to be able to bring it to fruition.”