Advance cracks $7 billion mark
It seems the sky is the limit for Advance Asset Management, which has announced that it is now managing more than $7 billion of funds for retail and Australian investors.
The multi-boutique manager told Money Management that this milestone had been passed following an exceptional period of inflows, resulting in twice as many funds under management compared to 2003.
The news coincides with Advance’s decision to make its Global Alpha Fund available to wholesale investors, a move driven by the fund’s strong performance since its launch in September 2005.
Mellon Capital Management manages the fund, which actively allocates assets across the major developed equity, bond and currency markets of the world.
Advance attributes three key factors to its success, including its strategy of making premium boutique fund managers available to Australian investors.
It also acknowledges the alliance it has with Mellon Global Investments, which allows it to offer specialist international investment expertise.
Furthermore, its investment solutions team provides an independent, ongoing assessment of the fund managers.
Advance managing director Kate Mulligan said she was delighted that Australian retail investors understood the opportunities offered by Advance’s unique model.
“I believe that this creates a competitive advantage for us and look forward to working with the team to continue to drive growth through a number of developments and initiatives,” she said.
AUTHOR
Recommended for you
Proposed legislative changes to safe harbour duty could result in advisers having reduced professional indemnity costs, a joint submission by seven major licensees said.
With 66 per cent of newly established advice licensees being sole advisers, what are the risks and legal ramifications to consider when taking the plunge into self-licensing?
Despite its popularity, only 1 per cent of financial advisers say they have often discussed cryptocurrency with clients, CoreData said, fuelled by concerns of heavy legal expenses if the product goes wrong.
AFCA and the CSLR have signed a memorandum of understanding as to how they will support an efficient financial services sector via the scheme.
