Blackwattle Investments Partners, a new-generation diversified funds manager, has commenced operations and will launch its first four investment portfolios from July 2023.
With a commitment to “do things different to do better”, according to managing director and chief investment officer Michael Skinner (ex-Renaissance Asset Management), the leadership included chief executive Jarred Rubin, formerly with Citi Institutional Equity Sales; executive director Matthew Dell, previously with Pinnacle; and head of distribution Maggie Mills, former head of investment sales at Zurich.
Blackwattle launched with an initial seed capital of up to $60 million and six years of funding.
It would comprise a five-person board and third-party governance with independent, chair-headed ESG and Investment Councils. The independent board would be chaired by John Churchill, with Matthew Dell and Michael Skinner as executive directors and Matthew Lawrance and Nerida Hall as non-executive directors.
According to CIO Skinner, the firm had “flipped the traditional model and removed the key person risk” by investing alongside clients and investors.
“We don’t believe in a concentrated leadership style; everyone is a meaningful equity owner and we are all partners together,” he said.
“We invest alongside our investors and clients, with personal capital committed and corporate profits reinvested into our portfolios; there is no personal trading.
“Having such significant ‘skin in the game’ means we are 100 per cent aligned to the common interest of our clients, which is uncommon in the Australian funds management industry”.
The portfolio managers of its four investment offerings came from some of the country’s best-known firms, like Ellerston Capital, Watermark, Schroders, and Aware Super. Skinner noted that they each brought an average of 20 years of experience to the roles.
The Long Short 130/30 Quality and Large Cap Quality funds would be led by Ray David and Joe Koh, who had previously helped manage over $12 billion at Schroders Australia.
Tim Riordan and Michael Teran would head up the Mid Cap Quality fund, having previously managed a $2.2 billion similar fund for over five years at Aware Super. Riordan had been head of direct equities at the super fund before he departed in March this year.
The Small Cap Quality fund would be managed by Robert Hawkesford and Daniel Broeren, who together held over 40 years of investment experience at Ellerston and Watermark.
“In cherry-picking the team, we have not only looked for outstanding investment capability but also [made] sure we have the right cultural fit,” said CEO Rubin.
There were “clear ambitions” to grow into global equity and alternative assets as well, the firm said.
