Cerberus bankers up; Crypto brokerage lures investors; LIC throws in the towel

Good evening,

As ASX-listed Humm talks to Latitude Financial about stitching up a deal for its consumer business, a suitor has come calling for the commercial arm.

Global alternatives heavyweight Cerberus is understood to be mulling an offer for Humm’s commercial unit with Jefferies in tow.

Cerberus, it seems, has taken a liking to Australia and already owns a specialised non-bank lender, Angle Finance.

It will be interesting to see who follows Cerberus’ lead into Humm.

Street Talk has also learnt of a Melbourne cryptocurrency brokerage called Caleb & Brown that’s up for sale via EY.

Although cryptocurrency is a new area, the five-year-old firm is doing $30 million in annual EBITDA from an eye-watering 5 per cent commission on brokerage. Its sale is likely to set a valuation precedent for future deals in the territory.

Elsewhere, Bennelong’s legendary pairs trader Dick Fish’s LIC has run into trouble; the $4 billion ING Office Fund’s former chief executive Valentino Tanfara is out raising for a new retail property fund; and mine-trucking company Bis Industries is back before lenders.

Happy reading,

Anthony Macdonald, Sarah Thompson and Kanika Sood
Street Talk Editors