Bennelong expands into UK
Boutique fund manager, Bennelong Funds Management (Bennelong), has expanded into the United Kingdom, by opening an office in London.
Bennelong chief executive, Craig Bingham, said clients were searching for opportunities offshore and the UK offered some very interesting prospects.
"Our approach will be to establish a stand-alone funds management business in the UK. While the overall strategy of partnering with specialist asset management businesses will be the same as it is in Australia, the asset classes and business strategy may vary," Bingham said.
Bennelong intended on appointing a range of executives in the UK, including a chief operating officer, a compliance manager and head of sales for Europe and the UK.
There were inherent differences between the UK, European and Australian markets, and what worked in Australia would not necessarily be the best strategy around the world.
Bennelong had experienced quite a lot of interest from the UK investment industry and it had already spoken to more than 80 teams so far, Bingham said.
He added Bennelong hoped to establish two or three partnership in the first half of 2017.
"We hope our expansion into the market will help boost the ability of boutique fund managers to overcome the regulatory, legal, and administrative hurdles that prevent many from getting a foot in the door," Bingham said.
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