Bridges prunes back
Investors Mutual has been dealt a blow with a further erosion of its $300 million funds under management.
Investors Mutual has been dealt a blow with a further erosion of its $300 million funds under management.
Bridges has announced it will restructure its mandate with Investors Mutual to in-clude two other boutique managers, effectively reducing its mandates from $140 million to about $46 million.
Bridges research manager Dominic McCormick says the change was part of look-ing at a diversification of risk and investments and not a sign of dissatisfaction with Investors Mutual.
"The restructure is about diversifying risk and getting access to other quality bou-tique managers out there. It is not a sudden thing but will be rolled out over six to 12 months," McCormick says.
The news comes a few weeks after AM Corporation dropped Investors Mutual as a boutique manager with a $25 million mandate on its $500 million AM Australian Eq-uities Fund.
However InvestorsMutual joint managing director Anton Tagliaferro is still upbeat. "We are still picking up money in the retail area where much of our emphasis is and are still with Bridges through a retail industrial fund as well as with Lifeplan's friendly society style bond," Tagliaferro says.
"On the upside, we have added a few others to the list including Austplanners and RetireInvest and are confident now that the share market has returned to funda-mentals. We believe the cycle has turned to growth managers again."
AUTHOR
Jason Spits
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