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
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
