Russell goes on boutique Quest
Fledgling boutique fund manager Quest Asset Partners has been appointed by Russell Investment Group to manage about $35 million for its Russell Australian Shares Aggressive Fund.
The appointment, which gives Quest a 15 per cent weighting within the Russell fund, is a replacement for Portfolio Partners, which had managed 25 per cent of the fund.
The remaining 10 per cent of Portfolio Partner’s former allocation has been equally distributed to incumbents 452 Capital and ABN AMRO Asset Management.
Launched in August last year, Quest is owned and managed by co-directors Michael Evans and Christopher Cahill, both of whom quit AMP to establish the boutique investment manager.
Quest, which will accept wholesale mandates only, is aiming to deliver an absolute return for Russell, generated by a concentrated portfolio of 20-25 stocks mainly comprising mid and smaller capitalisation growth companies.
Russell’s director of portfolio management Australia, Symon Parish, said Quest’s “concentrated approach would continue to focus the fund’s risk on stock selection, while preserving its broad style neutrality”.
He said Quest’s “high conviction portfolio is constructed with approximately equal weights in each stock, rather than a weight relative to any index”.
“We are excited to be one of the first investment vehicles to offer smaller investors and financial planners access to Quest, which we feel is well positioned to outperform over the coming year.”
Recommended for you
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
