Former Aust Unity head launches boutique
Theformer head of Australian Unity Funds Management, Craig Dunstan, is setting up his own boutique fund management operation in Melbourne.
MacarthurCook Investment Managers will specialise in property and mortgage assets when it commences operation in October.
Dunstan says he is working with the Australian Securities and Investments Commission (ASIC) on a licence and is also negotiating on the acquisition of a couple of property and mortgage funds.
“Our aim is to have a profitable level of funds under management in the first year and achieve consistent first and second quartile performance,” he says.
“Property and mortgage assets are relatively neglected among institutional asset managers.”
He says the company aims to bring a disciplined investment approach to these asset classes. The target market will be older investors looking for retirement income stream-type products.
The initial products will be property syndicates, mortgage trusts and the management of healthcare property.
Dunstan says the aim is to create a long-term business with $600 million of funds under management by 2005.
MacarthurCook is seeking alliances with companies that can provide back-office support and distribution. Dunstan says he will be targeting both wholesale and retail clients through advisers and mater trusts.
“Currently, MacarthurCook is discussing with a number of institutions about the prospect of them acquiring up to a 25 per cent stake in the business,” he says.
“These firms will assist with the distribution of the company’s products.”
Future staff will also be shareholders in the company, Dunstan says.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
