Hastings will operate as a division of the Australia-based Westpac Institutional Bank and Michael Fitzpatrick will continue as managing director of Hastings. Westpac will appoint a chairman for Hastings, according to the announcement.
A Dow Jones news report said the acquisition would give Westpac a platform for expansion in the specialized funds management sector.
Hastings manages has about A$2 billion of assets, which cover infrastructure, private equity, timberland and high yield debt.
It will complement Westpac’s other recent acquisition of Rothschild Australia Asset Management for A$323 million, the Dow Jones report said.