Offshore managers to be offered to advisers
Australian Wholesale Funds Marketing (AWFM) is planning to apply for a retail licence to enable it to offer two overseas funds to advisers and platforms.
The Sydney-based company acts as the local distribution arm of the Davis New York Venture Fund and Edinburgh-based Martin Currie Investment Management.
AWFM director Paul Pickering said the company was in the final stages of preparing its application for a retail licence.
“We have a wholesale licence and currently are preparing the application to vary that to include retail,” he said.
“Once we have the retail licence we will offer the two managers to advisers and platforms.”
Davis is large cap value manager with $80 billion of funds under management while Currie has a growth at a reasonable price investment strategy, managing $20 billion globally.
Pickering said the company was looking to add further overseas managers to its portfolio including a fund-of-fund hedge fund, global infrastructure, large cap growth and a global property fund in the next 18 months.
“We are actively seeking a large cap growth manager to complete the line-up and hope to make an announcement very soon,” he said.
AWFM acts as the responsible entity to a local trust that replicates what the overseas manager is doing.
As part of the service the company handles the documentation and custody services required to offer a product in Australia.
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