Deutche, Platinum, Bernstein shine in super shuffle
DeutscheAsset Management, Platinum Asset Management and Alliance Bernstein have made some hard ground in the bid for new mandates, while Fidelity Investments and Credit Suisse have lost territory.
Victorian police officers, firemen and ambulance officers contributed to Deutsche’s advance, with their Emergency Services Super fund investing $30 million into the manager’s $29 billion Australian operation through its small cap offering.
Specialist global equities fund manager Platinum won its first mandate since its much heralded $800 million exit from MLC’s global equity portfolio, securing a new $32 million deal with Print Super.
The $1.1 billion industry fund also signed up this year’s Money Management Fund Manager of the Year, Alliance Bernstein, awarding them an impressive $72 million mandate.
To make room for the two new editions, Print Super has terminated Fidelity’s $68 million mandate.
The termination follows several recent losses for the US-based manager, which was a casualty of MLC’s global equity portfolio reorganisation, and lost $2 billion after a relationship with Perpetual Investments was annulled last year.
Print Super also reduced its mandate with Credit Suisse by $28 million to $49 million, and reduced State Street Global Advisors input by $10 million.
Although Print Super had provided above benchmark returns over the last financial year, chief executive Ross Martin said the changes would increase earnings potential without incurring significant risk.
Recommended for you
BT is to launch a new low-cost “Focus” investment menu for its Panorama platform this October, in partnership with Vanguard, seeking to compete with industry superannuation funds.
Net gains of financial advisers have already doubled since the start of FY25, according to this week’s Padua Wealth Data, with momentum gathering pace far faster than the previous financial year.
National advice firm MiQ Private Wealth has appointed a new chief executive to lead the business through a “transformative era” after penning a partnership deal with AZ NGA earlier this month.
WT Financial’s managing director, Keith Cullen, believes the firm’s Hubco model with Merchant Wealth Partners will be a “repeatable growth model” for the business as it scales its adviser numbers.
