Advance cracks $7 billion mark
It seems the sky is the limit for Advance Asset Management, which has announced that it is now managing more than $7 billion of funds for retail and Australian investors.
The multi-boutique manager told Money Management that this milestone had been passed following an exceptional period of inflows, resulting in twice as many funds under management compared to 2003.
The news coincides with Advance’s decision to make its Global Alpha Fund available to wholesale investors, a move driven by the fund’s strong performance since its launch in September 2005.
Mellon Capital Management manages the fund, which actively allocates assets across the major developed equity, bond and currency markets of the world.
Advance attributes three key factors to its success, including its strategy of making premium boutique fund managers available to Australian investors.
It also acknowledges the alliance it has with Mellon Global Investments, which allows it to offer specialist international investment expertise.
Furthermore, its investment solutions team provides an independent, ongoing assessment of the fund managers.
Advance managing director Kate Mulligan said she was delighted that Australian retail investors understood the opportunities offered by Advance’s unique model.
“I believe that this creates a competitive advantage for us and look forward to working with the team to continue to drive growth through a number of developments and initiatives,” she said.
Recommended for you
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
Private market secondaries manager Coller Capital has unveiled a new education platform to improve advisers’ and investors’ understanding of secondaries.
