By John Wilkinson
AustralianUnity has joined with a number of prominent portfolio managers to set up a boutique funds management group specialising in absolute return fixed interest.
The joint partners in the new boutique manager, Vianova Asset Management, include former National Australia Bank (NAB) fixed interest specialist Michael Schneider and Perennial senior portfolio manger Michael Swan.
Schneider will be the chief investment officer in the new operation and Swan the senior portfolio manager. The other partners are Bryan Madden, who has worked in business development roles at AXA and will be the chief operating officer of the new venture, and Gareth Apsey, who is another NAB fixed interest recruit.
Australian Unity will be responsible for distributing Vianova’s products to the retail market when they are developed. The boutique fund manager will look after wholesale distribution.
This is a similar arrangement to Australian Unity’s first boutique joint venture, Acorn Capital, which specialises in Australian micro caps.
Australian Unity general manager of investments, David Bryant, said work had started on obtaining the necessary licences for the new operation and it expects to be able to offer products to the wholesale market within three months.
The first retail product is expected before the end of the financial year and will be an absolute return fixed interest fund.
“This joint venture signals our intended expansion into a range of investment areas that will enable us to strengthen the portfolio of asset classes we offer,” he said.
Schneider said the new product would be designed to take advantage of the pricing inefficiencies inherent in fixed interest markets.
