Contango gets the green light from investors

Contango Asset Management has won its first mandates from Sydney-based investors, co-director David Stevens has toldMoney Management.

Stevens would not disclose the size or identity of the mandates, although the minimum mandate for the Melbourne-based fund manager is $50 million.

Contango was awarded its operating licence on February 1 this year and has financial backing from Kerry Packer's Consolidated Press Holdings. Stevens says Contango already manages some CPH funds but has now won its first external investment mandates.

Contango was formed late last year by Stevens and Stephen Babidge, both former executives of HSBC Asset Management.

Contango's initial six staffing recruits also include a number of former HSBC employees. They include the former HSBC head of equities, Bill Laister, as well as Alistair Francis from the investment side of HSBC and the former office manager there, Jeanie Mackay.

Contango has also recruited Gillian Angel from State Super Financial Services to look after administration. Stevens says Contango is seeking to add three more staffers, including one for marketing.

"The new people joining the company will have similar roles here, but we haven't agreed on titles. We want a flatter structure than we had at HSBC," he says.

Stevens says the company will appoint a firm to handle its back-office responsibilities in the next few days. Contango's offices in Melbourne and Sydney are being fitted out at present.