Fidante manager set to close
One of Fidante Partners’ boutique fund managers is set to disband after more than eight years in the market, Money Management understands.
Five Oceans Asset Management, an international equities manager under Challenger’s boutique Fidante umbrella, has reportedly written to clients telling them it will close from July this year because it has not achieved its desired scale.
Its funds under management will be taken over by one of Fidante’s other boutiques, River and Mercantile Asset Management (R & M) from 16 July.
R & M is a traditionally “long only” London-based asset manager, which is quite a contrast to Five Oceans’ absolute returns philosophy.
Fidante is owned by Challenger and draws on around 14 investment managers.
Recommended for you
Iress chief executive Marcus Price has shared how he is seeing “massive tailwinds” in financial advice in Australia, with the firm turning its attention to digital advice following the completion of its transformation project.
Licensee Centrepoint Alliance has shared its first half FY25 results with strong performance coming from the acquisition of Financial Advice Matters.
Professional services firm AZ NGA has announced a group chief financial officer, who previously spent six years as Fitzpatricks Financial Group’s CEO.
Clime’s disposal of advice licensee Madison “needed to happen yesterday”, managing director Michael Baragwanath has told Money Management, as he concludes a severe cost-out period at the business.
