Findex makes Maverick move with Centric
Findex Group is continuing to grow its product offering through Centric Wealth's $50 million investment in US-based global equities manager, Maverick Capital.
The move comes almost a year after Findex acquired the Centric business, making it one of Australia's largest non-aligned financial advisory groups, and less than a month after it finalised the acquisition of financial planning and accounting firm Crowe Horwath.
The investment will enable Australian investors to make initial minimum investments in Maverick via Centric of $5000, and follows a detailed examination of the global equities offering in the Australian market.
Findex chief investment officer, Kieran Canavan, said the decision strengthened the group's global equity offering ahead of a forecast increase in demand for international stocks in the year ahead.
"Maverick have an outstanding track record and the expertise and stability of their team combined with a fundamentals based stock picking style mean they are an excellent fit with other international equities firms in our suite of preferred products," he said.
"Maverick manage different long/short and long global equity strategies. Centric has put a retail wrapper, or PDS (product Disclosure Statement) around the long only strategy to allow retail investors to access the fund with a much smaller initial investment than would normally be the case."
Recommended for you
In the latest Meet the Manager profile, Money Management speaks with Michael Skinner, founder and managing director at Blackwattle Investment Partners.
Perpetual has seen AUM rise 6 per cent in the last quarter but the departure of a longstanding JOHCM fund manager led to outflows of $2.2 billion from his strategy.
Global fixed income fund Bentham Global Opportunities has been added to several major platforms, enabling it to be accessed more easily by financial advisers.
Following yesterday’s news about First Sentier Investors closing four investment teams, a second global asset manager has announced it is closing its only dedicated Australian fund.
