Quantitative global equities boutique Tempo Asset Management will return money to investors after it failed to “reach sufficient scale”.
Fidante boutique Tempo Asset Management, which was founded in late 2013 by BT Investment Management colleagues Joe Bracken and Robert Chapman, will close after being in operation for five years.
Investors were informed on 23 April that their funds would be returned to them.
A spokesperson for Fidante told InvestorDaily that "the Tempo board has concluded it was in the best interests of the company, shareholders and clients to close the business at this time".
"The Tempo principals have substantial experience running quantitative investment strategies. They stay true to their investment philosophy and intend to continue with their investment process and approach," said the spokesperson.
Tempo was founded in late 2013 and employed an equal-weight country quantitative process to invest in global equities.
Challenger-owned Fidante holds a minority stake in Tempo.
InvestorDaily understands the principals of Tempo intend to continue running the strategy after the current funds are wound up.
Wealth management relationships are under threat as clients look to switch providers driven by the impact of the royal commission. ...
S&P Dow Jones has announced a new addition to its global ESG index using enhanced ESG scores and granular data. ...
Investor confidence is on the rebound and the ASX hit a 12-year high on Monday. But it’s not all good news for the Australian economy. ...