Phoenix rises for Jardines

retail-funds/ANZ/chief-executive/

4 March 1999
| By John Wilkinson |

The future of Jardine Fleming’s retail funds will be decided in the next few weeks, with the business probably moving to associate broking firm Ord Minnett.

Jardine Fleming Asset Management chief executive Mark White says the company wants to concentrate on its new wholesale business based in Melbourne.

"While there is a sense ofdeja vufor Jardine Fleming in that we opened a business in Australia 20 years ago, the marketplace is very different today," he says. "That is why we are concentrating on the wholesale side."

Since Jardine Fleming announced it was scaling back its retail operations a year ago, (Money ManagementFebruary 19), the retail products have not been promoted, although they were kept open for existing clients.

White says Ord Minnett will be well-placed to handle the funds as it has the necessary distribution network and back office administration.

"There are a few things to tie up, but I expect an announcement on the retail funds within the next few weeks," he says.

White was in Melbourne last week for the launch of Jardine Fleming Capital Partners (JFCP), a partnership between the Hong Kong based-fund manager and Capital Partners.

Capital Partners was formed late last year from the former ANZ Funds Management equity investment team, lead by Michael Fitzsimmons.

White says the Melbourne group approached Jardine Fleming last year. Australia was the only country worldwide where the company didn't have a locally based wholesale funds management partnership.

"We prefer to have a partnership with a strong local component to our business around the world, he says. The team from ANZ met that requirement," he says.

JFCP will be managing the Australian equities component of Jardine's global fund management business and will be seeking mandates from wholesale superannuation funds this month.

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