Bennelong welcomes first RE client
Bennelong Funds Management has announced its first responsible entity service client, having flagged it as a 2025 priority for the firm.
This will be Paragon IM, and Bennelong FM will be the responsible entity for its Paragon Australian Long Short Fund which invests in industrial and resources equities in Australia and North America, and across global markets.
Paragon IM was founded in 2012 and focuses on high conviction investments and high alpha stock picks.
Alan O’Brien, relationship manager, trustee services, at Bennelong, said: “We’ve been working hard on creating a comprehensive suite of outsourced RE service offerings for investment managers, both domestically and internationally. Being able to officially bring Paragon on board demonstrates our capabilities in this area.”
John Deniz, Paragon’s chief investment officer, said: “Working with Bennelong has been a seamless experience so far, and I’m confident this partnership will strengthen our fund’s operations.
“Thank you to our investors for their support in facilitating this change. I look forward to Bennelong being at the helm.”
At the end of last year, chief executive John Burke discussed how a responsible entity service was a priority for the firm in the year ahead. This will offer full oversight and compliance responsibilities for managed funds and other investment products, as well as engage with service providers and other stakeholders to ensure comprehensive regulatory and compliance protection.
This reduces the time and cost for fund managers, and they benefit from Bennelong’s established relationships and service provider agreements.
Speaking to Money Management, he said: “For the first time, we will be introducing responsible entity and trustee services and offering these to third parties. We see an opportunity to bring that service to market.
“We have the existing infrastructure so this will be a good way to keep abreast of our clients, offer them a new level of service and be relevant to the client base. Firms tend to stay with their responsible entity for a long time, so this will help us diversify our income streams.
“We won’t be distributing products, maybe this is something we could do in the future, but we do want it to be a standalone business for new firms or companies who want to set up a fund in Australia but aren’t a responsible entity.”
AUTHOR
Laura Dew
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