Veteran Australian stockpicker David Paradice and his team have sold a 50 per cent stake in his eponymous funds manager to real estate investment group Charter Hall.
They will swap their shares in Paradice for shares in Charter Hall. It will take effect from January 1. Australia-based Paradice told Street Talk he would stay on as Paradice Investment Management managing director and chief investment officer post the deal. “To make these businesses successful, you need to make sure everybody is engaged in the growth of the business,” Paradice told Street Talk.He said he had got to know Charter Hall boss David Harrison through their mutual work on superannuation reform.“David Harrison does a great job, and he feels there is still a lot more they can do. They are a robust and strong business and I think that although they’ve had a big run, they can keep going.
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