Five Oceans opened for inflows
Boutique fund manager Five Oceans opened for business this week with the launch of its inaugural international equities fund.
Challenger Financial Services bought a 25 per cent stake in the Sydney-based absolute returns focused fund manager when it was established in September this year.
The purchase marked the Kerry Packer-backed Challenger’s first effort to offer international equities to its clients.
Clients will need $100,000 to access the fund, which aims to invest in 50 stocks from various world markets.
Five Oceans said it hopes to generate consistent positive returns by gearing, using derivatives and holding short positions on overpriced stocks.
The buy-in by Challenger was its second this year, having followed a similarly sized investment in boutique small caps manager Kinetic Investment Partners.
Kinetic was formed after capacity constraints forced Challenger to shutdown the small cap fund it bought off HSBC Asset Management in March.
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