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According to Damien Hatfield, from the Sydney-based advisory group Triple A Partners Australia, One has taken over from Everest.

One Investment Group (OIG) will assume fund management responsibilities over most of the $420m in fund of hedge fund (FoHFs) assets managed by Everest Financial Group (EFG), based in Sydney, said Triple A's latest newsletter.

ASX-listed Everest (formerly Everest Babcock & Brown), led by CEO Jeremy Reid, will continue to manage $85m in two remaining fund products. It will retain three full time employees. Once one of Australia's largest FoHFs, its shares have plunged from a high of around $3.90 in July 2007 to 5 cents currently.

The company started winding down in June. It also started suspending all new outlays, as it tried to halt the 29% drop in its share price since March last year.

OIG, also based in Sydney , is a $1.8bn independent Australian funds management business. The asset classes OIG manages include real estate, financial assets, hedge funds, infrastructure, aviation and shipping. It was founded by Frank Tearle (ex Allco Finance) and Justin Epstein (ex......................

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