Macquarie Funds Management(MFM) has expanded its investment team with two new recruits to meet the additional demands of its growth in funds under management.
Brett Lewthwaite will join MFM as its new product manager for cash and Australian fixed interest, and replaces Michael Lukin, who moves into a full-time role within the fund manager’s alternative investments team.
Lewthwaite joins MFM from Principal Global Investors, previouslyBT Funds Management, where he held a number of analyst and portfolio management roles, including portfolio manager for the BT Enhanced Passive Australian Bond Fund and the BT Asia-Pacific Aggregate Bond Portfolio.
MFM has also recruited Greg Stock as assistant portfolio manager/credit analyst, who joins the group’s corporate debt specialists, Michael Korber and Vivek Prabhu.
Stock was previously an analyst inMacquarie Bank’s debt markets division.
MFM head of cash and fixed interest Wayne Fitzgibbon says, “During the past two years we’ve seen growing investor interest in credit-based assets and we believe this trend will continue.”
The Macquarie Funds Management Group has increased its resources as product demand continues to expand and its funds under management have grown by 13 per cent during the past year from $27.1 billion to $30.7 billion.
The group increased its market share by $52.3 billion in the 12 months to the end of March 2003 despite shrinkage in the size of the funds management industry, according to figures fromAssirt.
Group head David Deverall says during the past 12 months funds in cash, fixed interest and currency have grown by more than 20 per cent, funds in property securities have grown around 60 per cent and its True Index funds have grown by 40 per cent.
