About face for Advance
Advance has built a name for itself as a consistent performer as a value manager. But all that is about to change, writes Stuart Engel.
Advance Funds Management's deal with Goldman Sachs in August last year was a watershed for the group. Not only did it cement an exclusive deal with one of the world's best known money managers, but it changed irrevocably the group's profile. No longer would Advance be characterised as a value manager
The deal had all the trademarks of chief investment officer and now acting managing director Stephen Lam, who had been recruited to Advance just five months prior to the announcement.
Lam pioneered the core and satellite multi-style structure of funds management in Australia nine years ago at Commonwealth Funds Management. He was also instrumental in stitching up the exclusive distribution deal between Rothschild's funds management business in Australia and US based Putnam Investments.
Recommended for you
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
In the run-up to heavy losses expected at the end of the financial year, June has already reported consecutive weeks of adviser losses.
ASIC has banned a former NSW adviser from providing advice for 10 years for investing at least $14.8 million into a cryptocurrency-based scam.
ASIC has sent warning notices to social media finfluencers who it suspects are providing unlicensed financial advice to Australians as part of a global crackdown by international regulators.
