In a quarterly update, the firm said total funds under management and advice (FUMA) increased by 3 per cent over the three months to 31 March.
This was helped by a $137 million fund mandate obtained during the quarter, partially offset by the loss of a $38 million separately managed account (SMA) mandate, pension payments, and adverse market movement.
During the quarter, the firm has been active with a range of initiatives developed within funds management and wealth management.
Managing director Michael Baragwanath said: “These initiatives collectively strengthen our market position and enhance our ability to deliver value to clients and shareholders.”
On the wealth management side, it has commenced operation of a managed discretionary account (MDA) service in partnership with Philo Capital Advisers and platform Netwealth. This will improve the service and flexibility of its offerings for Clime Private Wealth clients.
A heads of agreement has also been signed with NSW advisory and accountancy firm Arcus Capital Advisory, to manage a bespoke wholesale investment offering which is expected to manage $50 million initially.
On the asset management side, it has appointed three fund managers to create an unlisted asset management team to expand its product design capability and capture $240 million of investor capital placed with other managers, it said.
New debt, property and private equity investment options focusing on unlisted assets will be launched in due course.
It is also rebranding its multi-asset portfolios under a “Clever Investor” label to active fund portfolios, active listed portfolios and index plus portfolios.
The first will be top-tier, long-term value managers to align with specific risk profiles. The second will utilise direct equities and market-traded securities, while the final category will be a cost-effective solution with the flexibility to actively manage one or two sectors within a defined cost framework.
Clients will be able to access these portfolios via IMAs, MDAs and SMAs.
Finally, it will introduce three direct offerings for retail investors, in partnership with OpenInvest, which it believes are not currently served by multi-asset or single-asset class funds.
Baragwanath said: “Our goal with each product is to simplify the investment decision-making process by providing offerings designed for a specific purpose. While we believe that most financial product investments are made in collaboration with a qualified financial adviser, we recognise that some investors either cannot afford this route or choose not to pursue it.”
