Deutche, Platinum, Bernstein shine in super shuffle
DeutscheAsset Management, Platinum Asset Management and Alliance Bernstein have made some hard ground in the bid for new mandates, while Fidelity Investments and Credit Suisse have lost territory.
Victorian police officers, firemen and ambulance officers contributed to Deutsche’s advance, with their Emergency Services Super fund investing $30 million into the manager’s $29 billion Australian operation through its small cap offering.
Specialist global equities fund manager Platinum won its first mandate since its much heralded $800 million exit from MLC’s global equity portfolio, securing a new $32 million deal with Print Super.
The $1.1 billion industry fund also signed up this year’s Money Management Fund Manager of the Year, Alliance Bernstein, awarding them an impressive $72 million mandate.
To make room for the two new editions, Print Super has terminated Fidelity’s $68 million mandate.
The termination follows several recent losses for the US-based manager, which was a casualty of MLC’s global equity portfolio reorganisation, and lost $2 billion after a relationship with Perpetual Investments was annulled last year.
Print Super also reduced its mandate with Credit Suisse by $28 million to $49 million, and reduced State Street Global Advisors input by $10 million.
Although Print Super had provided above benchmark returns over the last financial year, chief executive Ross Martin said the changes would increase earnings potential without incurring significant risk.
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.
