Macquarie shifts distribution of global fund to new investment team
Macquarie Professional Series, the current distributor of the Morgan Stanley Global Franchise Fund, has sent a letter to advisers indicating that it is going switch its distribution capabilities for the fund to the new investment management firm being set up by global portfolio manager Hassan Elmasry.
Elmasry, the former Morgan Stanley managing director, portfolio manager and leader of the Morgan Stanley Global Franchise investment team, announced in March that he and his team will leave the firm to set up their own asset management business, Independent Franchise Partners (IFP), which will be based in London.
Adrian Stewart, the head of retail distribution at Macquarie, told advisers in the letter that a thorough review of IFP and the replacement investment team at Morgan Stanley had been conducted and Macquarie had decided to appoint IFP as the investment manager. The fund will be known as the IFP Global Franchise Fund.
Elmasry's investment team has agreed to remain at Morgan Stanley until June 15 this year. Macquarie said it is working closely with Morgan Stanley to ensure the transition goes smoothly.
Morningstar placed the Morgan Stanley fund on hold earlier this year due to Elmasry's planned departure. The Morgan Stanley Global Franchise Fund had $331 million in funds under management at the end of March this year, according to a review of the fund.
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.
