Buildingsociety IMB has continued its push into the wider financial services business, launching a funds management division.
IMB Matrix Asset Management has been formed by a partnership between IMB and former BNP Paribas executives Brian Ingham, who takes on the managing director role, and Rob Ellis, who becomes portfolio manager.
“While searching for partners, we met up with IMB and were impressed with the aspirations and management of the group,” Ingham says.
IMB has strengthened its insurance business with the acquisition of Australian Unity, and its financial planning focus through an alliance with ipac securities.
IMB’s involvement in the asset management business will include the provision of working capital for IMB Matrix, including a $75 million investment first up to kick start the business.
“This will fast-track business development opportunities. In asset management you are not taken seriously until you have critical mass in funds under management,” Ingham says.
IMB Matrix will initially focus on the wholesale market, with plans to roll out a series of unit trusts by next year. Ingham says IMB Matrix will also look at excluded offer funds to high-net-worth individuals.
According to Ingham, retail offerings could also be an option for the future.
