Boutiques looking for lifeline
Boutiques appear to be increasingly feeling the pinch, with many now looking to larger organisations for support, according to the chairman of BNY Mellon Asset Management International, Jon Little.
Little, who is currently visiting Australia, has told Money Management boutiques which previously might have been expected to go it alone, were increasingly approaching companies such as BNY Mellon Asset Management for support.
“At times such as these, being independent has shortcomings,” he said.
Little said his company looked at such approaches on a case-by-case basis, but under the BNY Mellon Asset Management multi-boutique model companies which came under its broad umbrella largely maintained their existing identities and culture.
Looking at Australia, Little said sentiment within the local intermediated market appeared to be more like the US than, for example, Europe.
He said he believed this was because European markets had suffered significant shakeouts in the more recent past, something that had not been the case in Australia.
AUTHOR
Mike Taylor
Recommended for you
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
ASIC has cancelled the AFSL of Sydney-based Arrumar Private after it failed to comply with the conditions of its licence.
Two investment advisory research houses have announced a merger to form a combined entity under the name Delta Portfolios.
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
