All action for funds management boutique
Three former AMP executives have teamed together for the launch of a boutique funds management business.
Three former AMP executives have teamed together for the launch of a boutique funds management business.
The new group, Action Funds Management, will offer exposure to the Australian and international resource sectors to wholesale superannuation funds as well as to overseas mutual and pension funds. The directors are also talking up a possible retail launch for later this year.
The three former staff members are Warren Staude, Peter Stuntz and Leslie Beath and, along with a fourth unannounced person, will be the company’s sole sharteholders.
Staude says offers from backers to help finance the company’s startup were rejected because the four principals wished to maintain their independence and control over the fund offerings.
“Investors know this way that we can’t be sold or merged. It also means that in the office there are the people who do make the investment and strategy decisions and have the experience to do so,” Staude says.
Staude says expectations for funds inflows are hard to estimate given the start-up nature of the business and the need to build a track record to attract customers.
"We expect a few hundred million within the next few years but it won't be a straight line growth. We expect inflows to pop up after three to six months as we develop a record and continue as asset consultants hopefully spot us," Staude says.
"As part of a portfolio mix, our resources fund offers a conservative angle akin to blue chip industrials but supplies an element into a portfolio that very few others can supply."
Staude most recently worked with GIO in charge of resource investments and has prior external experience in the resource sector having worked as a geologist.
AUTHOR
Jason Spits
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