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Boutique asset manager buys out owner

— 1 minute read

Boutique asset manager Wheelhouse Investment Partners has taken full ownership of its business, having acquired Bennelong Funds Management’s stake in it after a three-year partnership.

Under its new ownership structure, Wheelhouse has indicated it will focus on delivering investment solutions targeting income and protection for Australian retail and wholesale investors, including its flagship Global Equity Income Fund. 

The company has agreed terms with new distribution partners along with having appointed a new responsible entity for its offerings, set to be announced in the coming weeks.

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Wheelhouse has plans to launch an Australian equities-focused fund, which will apply the same rules-based strategy used for the global fund. 

Alastair MacLeod, managing director of Wheelhouse said the company will be using its track record and momentum to pursue new opportunities. 

“We are excited to take full ownership of our business and extremely grateful to Bennelong for its support in establishing and positioning Wheelhouse for future success,” Mr MacLeod said. 

“We remain fully committed to delivering defensive income for Australian investors challenged by today’s ‘lower for longer’ equity growth environment and historically low-interest rates.”

Bennelong chief executive Craig Bingham commented he wished Wheelhouse well as it entered its next phase of growth and development.

“Over the past three years, Wheelhouse has focused on its objectives of generating income, protecting capital and lowering volatility – timely offers for today’s market,” Mr Bingham said. 

“Across the industry, this is a time of change and undeniable challenges, but we’re also seeing the arrival of new opportunities. At Bennelong, we continue to refine and strengthen our global capabilities, managing the business to deliver the best possible outcomes for our clients.”

The buyout and transition arrangements will be finalised by 31 July.

 

Boutique asset manager buys out owner
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Sarah Simpkins

Sarah Simpkins

Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth. 

Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio. 

You can contact her on [email protected].

 

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