Glebe put up for sale

funds management industry compliance financial services reform money management investment manager fund manager

13 January 2006
| By Ross Kelly |

GlebeAsset Management is to be sold off by its owner, the Anglican Church of Australia.

Money Management has learnt that the ethical investment manager with $568 million in funds under management will be put up for sale in the coming weeks.

PricewaterhouseCoopers (PWC), which is advising parent company the Glebe Administration Board (GAB) on the process of the sale, said there were currently no prospective buyers for the Sydney-based fund manager.

GAB said the planned sale was “part of a program of restructuring its investment operations to more closely reflect the needs of the Sydney Diocese of the Anglican Church over the next five to 10 years”.

A spokesperson for PWC said compliance costs brought on by increasing regulation in the funds management industry also contributed to the decision to sell.

“One area of the new financial services landscape which has had an impact on smaller manufacturers has been the introduction of Financial Services Reform and the accompanying increase in compliance costs, particularly when offering retail schemes,” the spokesman said.

GAB said a smaller funds management structure would continue to operate within the church after the sale, but will only cater “to the church family”.

GAB and PWC did not comment on whether the four analysts who run Glebe Asset Management’s (GAM) Australian large cap equities and small cap funds had been asked to stand down.

PWC said it was too early in the sales process to detail exactly how GAM would be sold, adding that it could take months for suitable offers to be settled.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

1 month ago

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

1 month ago

Interesting. Would be good to know the details of the StrategyOne deal....

1 month 1 week ago

Insignia Financial has confirmed it is considering a preliminary non-binding proposal received from a US private equity giant to acquire the firm. ...

2 weeks ago

Six of the seven listed financial advice licensees have reported positive share price growth in 2024, with AMP and Insignia successfully reversing earlier losses. ...

1 week 2 days ago

Specialist wealth platform provider Mason Stevens has become the latest target of an acquisition as it enters a binding agreement with a leading Sydney-based private equi...

1 week 2 days ago