Esports hedge fund PAC Capital has acquired Clearwater Portfolio Management in a deal that balloons the gaming and tech investor’s funds under management to $500 million, and represents the start of traditional Australian financial planners targeting a global sector that is now worth $US180 billion.
After a hotly contested auction, Byron Bay-based Clearwater will transfer its $250 million of assets to PAC. Founder and chief executive Clayton Larcombe says he will direct the fresh financial planning fund flows towards the fast-growing and highly profitable esports and gaming sectors.
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Jessica Sier is the North Asia Correspondent for The Australian Financial Review. She is based in Tokyo, Japan. Jessica has previously written on technology, global capital markets and economics. Connect with Jessica on Twitter. Email Jessica at jessica.sier@afr.com
