Findex makes Maverick move with Centric
Findex Group is continuing to grow its product offering through Centric Wealth's $50 million investment in US-based global equities manager, Maverick Capital.
The move comes almost a year after Findex acquired the Centric business, making it one of Australia's largest non-aligned financial advisory groups, and less than a month after it finalised the acquisition of financial planning and accounting firm Crowe Horwath.
The investment will enable Australian investors to make initial minimum investments in Maverick via Centric of $5000, and follows a detailed examination of the global equities offering in the Australian market.
Findex chief investment officer, Kieran Canavan, said the decision strengthened the group's global equity offering ahead of a forecast increase in demand for international stocks in the year ahead.
"Maverick have an outstanding track record and the expertise and stability of their team combined with a fundamentals based stock picking style mean they are an excellent fit with other international equities firms in our suite of preferred products," he said.
"Maverick manage different long/short and long global equity strategies. Centric has put a retail wrapper, or PDS (product Disclosure Statement) around the long only strategy to allow retail investors to access the fund with a much smaller initial investment than would normally be the case."
AUTHOR
Nicholas O'Donoghue
Recommended for you
Wealth managers who lack expertise in alternatives could find themselves at risk of losing clients, according to iCapital, with a shift towards evergreen funds already at play in their asset allocations.
The development of semi-liquid private equity funds is providing an easier way for wealth managers to access the asset class, according to a panel, while firms are substantially improving their valuation processes.
Generation Development Group has appointed former Evidentia chief executive Peter Smith as an executive director.
Equity Trustees has paid three infringement notices issued by ASIC in which the corporate regulator alleged it made misleading statement about investments in a sustainable bond fund.
