Advance joins two new platforms

Multi-boutique manager Advance Asset Management has announced that its Advance Global Alpha Fund is now available on Macquarie Wrap and ING’s PortfolioOne.

This development follows the fund having recorded strong performances since being launched at the end of September 2005.

Advance reported that the fund had returned 16.09 per cent net of wholesale fees since inception, compared to a benchmark of 7.63 per cent (as at June 30, 2006).

Commenting on the inclu_sion, Advance managing director Kate Mulligan said it had delivered the company a “tremendous vote of confidence”.

“Advance has always pursued strategies and alliances that have made the best and most inno_vative managers and products more widely available, so naturally we are thrilled that two lead_ing platforms have chosen to make such a sophisti_cated product so accessi_ble,” she said.

Macquarie Wrap Solu_tions head of product Douglas Chang said the fund’s long-term record of enhancing returns and minimising risks, coupled with its low correlation and high diversification, made it an obvious fit with the platform.

“We were also strong_ly encouraged by the ini_tial demand for the fund from the users of Mac_quarie Wrap,” he said.

“Advance is to be congratulated on making such a sophisticated prod_uct widely available and we are delighted to include it on our wrap.”

He said the wrap’s investment menu was reviewed on a monthly basis and the team reg_ularly sought to add new funds.

Mellon Capital Man_agement Corporation manages the Advance Global Alpha Fund, actively allocating assets across the major devel_oped equity, bond and currency markets of the world.