About face for Advance
Advance has built a name for itself as a consistent performer as a value manager. But all that is about to change, writes Stuart Engel.
Advance Funds Management's deal with Goldman Sachs in August last year was a watershed for the group. Not only did it cement an exclusive deal with one of the world's best known money managers, but it changed irrevocably the group's profile. No longer would Advance be characterised as a value manager
The deal had all the trademarks of chief investment officer and now acting managing director Stephen Lam, who had been recruited to Advance just five months prior to the announcement.
Lam pioneered the core and satellite multi-style structure of funds management in Australia nine years ago at Commonwealth Funds Management. He was also instrumental in stitching up the exclusive distribution deal between Rothschild's funds management business in Australia and US based Putnam Investments.
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.