Advance’s MIR fund attracts platforms
The Advance Concentrated Australian Share Fund (ACASF), managed by boutique firm MIR, is now available on the Asgard, BT and Macquarie wraps.
Advance managing director Kate Mulligan said that while platform signings often take months to finalise, the popularity of the MIR fund meant “platforms have been calling us to ask when they can have it”.
The recently announced strategic alliance with MIR gives Advance exclusive retail distribution rights.
Mulligan said Advance hopes to launch additional MIR funds into the retail market in due course.
Currently, the ACASF has $276.4 million in retail funds under management. Minimum investment in the fund is $5,000, and Advance is predicting strong uptake following adviser requests.
“People are looking for something different — for less benchmark aware funds,” Mulligan said.
“Clients want access to high alpha, and advisers in Australia are very well educated, so they are looking for things which add a bit of spice.”
The fund aims to provide investors with a total investment return that outperforms the S&P/ASX200 Accumulation Index by more than 4.5 per cent over periods of five years and longer, by investing in a diversified portfolio of Australian shares.
Since its inception in January, the MIR wholesale equities fund has returned 37.9 per cent against the benchmark figure of 26.9 per cent.
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