FirstChoice awards $450 million mandate
Ixis Asset Management Australia has been awarded a $450 million global bond mandate from Colonial First State for its FirstChoice platform. Ixis affiliate Loomis, Sayles and Company will manage the mandate. Retail investors can access the funds through the FirstChoice multi-manager fixed interest option.
The mandate follows changes to Loomis Sayles’ global bond investment guidelines. In addition to traditional global bonds, the mandate will allow Loomis Sayles to tap into high-yield securities, emerging market debt and senior bank loans as additional sources of excess return. Through Ixis, Loomis Sayles manages around $3.6 billion for Australian investors in fixed income and equity.
MLC speeds SMSF transactions
MLC has made technical changes to its MasterKey platform for self-managed superannuation funds (SMSF). Financial planners can now download client data information from MasterKey Custom online to accounting software BGL Simple Fund, removing the need to manually enter transactions. Accountants can download data files that contain transaction details for self-managed super clients who invest via the MasterKey Custom Investment Service (MKCIS).
MKCIS has also introduced an online trust deed facility to use with SMSFs. The aim of the changes is to make advisers and accountants more efficient and keep client data compliant and up-to-date. MLC is planning to make changes to direct equities and overhaul its entire adviser and client reporting capabilities. It recently lowered its fees on the platform.
Ascalon takes private equity plunge
St George-owned Ascalon Capital Managers has acquired an equity shareholding in Brisbane private equity manager MillhouseIAG. The deal was made for an undisclosed sum. Ascalon chief executive Nick Basile will join the MillhouseIAG board. Ascalon is co-owned by St George and Kaplan Equity, with both holding 50 per cent of the company. MillhouseIAG expects to grow its funds management operations as a result of the deal and is seeking additional commitments of around $500 million for its portfolio of funds.
Valad kick-starts unlisted property fund
Valad Property Group wants to raise $27 million through a public share offer to establish an unlisted property trust. National Australia Bank’s (nab) fund manager, nabCapital, will underwrite the offer and market it through the bank’s retail distribution channels. The expected term of the fund, the Valad Opportunity Fund number 11, is three years and its target internal rate of return is 17 per cent. The portfolio will be spread across geographical locations and retail, industrial, residential and commercial asset classes. Assets include Melbourne International Airfreight Centre, Sydney shopping centre Minchinbury Hometown, a development of 90 beach houses in Noosa, two Brisbane-based land sites and a proposed property development in south-west Sydney.
Chartered accountant Wendy Boxall has been appointed fund manager for the fund. “It is an exciting opportunity not normally available to retail investors and the first of a series of unlisted funds which will leverage off Valad’s strong management expertise and track record in this specialist property segment,” nab director of structured property finance Gordon Young said. The minimum investment is $20,000 at $1 a unit. The offer closes on June 29, 2007.
