Fidante closes Aussie small-caps affiliate

NovaPort/Novaport-Capital/Fidante/small-cap/equities/

20 May 2024
| By Rhea Nath |
image
image image
expand image

NovaPort Capital, an affiliate of Fidante Partners, has made the strategic decision to close the business.

Founded in 2010, the boutique Australian equities firm managed the NovaPort Microcap Fund and NovaPort Smaller Companies Fund, which held $57.9 million and $163.6 million respectively as at 30 April 2024.

In a statement, Fidante said it was determined to be in the best interest of unitholders to terminate the funds and distribute the funds’ net proceeds to unitholders.

“The funds’ investment manager NovaPort Capital has advised their strategic decision to close business and retire as investment manager. 

“Fidante has considered various options for the funds, including keeping the funds open. However, in light of the business review, expected declining flows and the uncertainty with finding a suitable replacement manager, the decision was made to terminate the funds.”

The funds were terminated on 13 May 2024.

As part of the wind-up, Fidante said it will have an “orderly process” to realise the assets of the funds, noting that net proceeds will be distributed to remaining unitholders on a later date.

The final termination payments will be made to investors’ nominated bank accounts in due course.

No fund termination or wind-up costs will be passed on to investors, Fidante confirmed.

NovaPort was founded by Alex Milton and Sinclair Currie, having previously worked together as co-portfolio managers within Challenger Limited’s smaller companies team, managing over $200 million in funds.

It welcomed Tim Binsted in 2019, who was made co-portfolio manager of the strategies in 2023.

With the closure of the two funds, Fidante’s remaining small cap strategies include the Eiger Australian Small Companies Fund, managed by Eiger Capital; and the Lennox Australian Small Companies Fund and Lennox Australian Microcap Fund, managed by Lennox Capital Partners.  

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

1 month 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

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

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

2 weeks 5 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 4 days ago

TOP PERFORMING FUNDS