AM Corp terminates investment managers

australian equities

20 November 2002
| By Ben Abbott |

AM Corporation’sBoutique Australian Equities Fund has been restructured after Wallara Asset Management and Contango Asset Management were terminated.

AM Corp’s decision was based on the investment strategies of both Wallara and Contango, which it did not believe suited the current investment environment.

Concord Capital has been appointed to the Boutique Australian Equities manager line up after the shake out, due to AM Corp’s belief in Concord’s bottom-up stock picking ability.

As a consequence of the changes, the number of managers operating the fund has been reduced from five to four, with the size of individual manager mandates remaining the same, as the fund’s overall size has been reduced as part of the review.

AM Corp has also altered the benchmark used by one of its boutique Australian equities managers, Ausbil Dexia, which will now be measured against a combination of Australian mid and small cap stocks.

The restructure will also have consequences for AM’s Australian Equities Fund, which invests in the Boutique Australian Equities Fund, although the Australian Equities Fund’s exposure to the boutique fund has been reduced from 33 per cent to 25 per cent as a result of the strategic review.

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