Executive team buys out Wingate Group shareholding
The executive team of boutique asset management firm, Wingate Asset Management, has acquired the majority equity stake from Wingate Group and, as part of the ownership restructure, Wingate will be renamed Talaria.
Following this, the executive team will own 70 per cent of the business, with Wingate holding the remaining 30 per cent, the firm said in a press release.
Melbourne-based Talaria, which was set up in 2005, is a specialist international equity manager which offers lower portfolio risk, higher income generation and overall lower volatility of returns.
Its Global Equity Fund delivered a performance over the last year of 17.3 per cent, of which 9.25 per cent was income, distributed quarterly.
According to Talaria’s chief executive, Jamie Mead, the management buyout was the final step in the business’s strategic evolution, from being part of Wingate Group, through a joint venture with Australian Unity, to becoming an independent, owned asset manager.
“This restructure of ownership positions the business to fully capitalise on future opportunities for growth and performance, by bringing about the complete alignment of interests of the key executives at Talaria, with its investors,” Mead said.
“It is an ownership model that is now best practice around the world for boutique fund managers, putting the equity into the hands of the management team and investing in the intellectual capital of the business.
“We will also maintain our strong relationship with Wingate Group, who helped establish the business thirteen years ago.”
Following the buyout, Talaria has appointed Martin Hudson as chairperson.
Recommended for you
Platinum Asset Management has put its two closed-end funds under strategic review in a bid to reduce the share price discount to pre-tax NTA and maximise shareholder value.
In the latest Meet the Manager profile, Money Management speaks with Michael Skinner, founder and managing director at Blackwattle Investment Partners.
Perpetual has seen AUM rise 6 per cent in the last quarter but the departure of a longstanding JOHCM fund manager led to outflows of $2.2 billion from his strategy.
Global fixed income fund Bentham Global Opportunities has been added to several major platforms, enabling it to be accessed more easily by financial advisers.
