Investmentconsultant Dominic McCormick has linked up with the European-based Gottex group to launch a new boutique funds management organisation.
The new group, to be called Select Asset Management, will target financial planning dealer groups with a range of hybrid funds built around absolute return strategies, as well as more traditional investment approaches.
McCormick, who has operated as an independent investment consultant since leaving theBridgesdealer group last year, will take up the role of chief investment officer at Select.
Gottex’s representative in Australia, Clayton Friend, has been appointed as Select’s chief executive.
Gottex, a specialist fund-of-hedge-funds manager, will take a 50 per cent stake in the new venture. The remaining 50 per cent will be owned by a consortium, which includes both McCormick and Friend.
The group is currently waiting to have its responsible entity licence approved by the Australian Securities and Investments Commission (ASIC).
