IPO Wealth surges to $75m in investments
IPO Wealth announced it surged to $75 million in investments in capital raised for its IPO Wealth Fund, as investors seek proven cash alternatives.
The firm said that volatility of the Australian stock market, coupled with property market uncertainty saw investors focusing on income-producing cash alternatives and, as a result, more than $60 million has flowed into the fund in 2018.
James Mawhinney, managing director of Mayfair 101, which is also an owner of IPO Wealth, said that investors wanted to decrease their exposure to the Australian property market and volatility of the Australian Securities Exchange (ASX).
“IPO Wealth is one of those options, and we are delighted to be able to provide investors with the opportunity to earn consistent monthly returns,” he said.
Mayfair 101 also announced plans to set up a similar fund in the UK, which would be managed by M12 Global, and would allow the group to access a larger pool of capital at a lower cost due to the low interest environment in the UK and Europe.
The company appointed Morgan Stanley’s executive Charles Grant as M12 Global’s chief executive to head up the European structure, it said.
Recommended for you
Money Management spoke with two brand consultants to how Perpetual can best rebrand its business as the 138-year name is sold to private equity firm KKR.
Pinnacle remains a “standout” fund manager, according to Morningstar, amid a challenging backdrop for active asset management and the addition of a new global equities affiliate from the UK.
Platinum Asset Management saw outflows of $1.65 billion in April, partly as a result of redemptions from institutional mandates and product rationalisation initiatives.
In this latest Meet the Manager profile, Money Management speaks with Ophir Asset Management co-chief executive Andrew Mitchell.
