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.
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