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Wheelhouse completes buy-out

— 1 minute read

Australian investment manager Wheelhouse Partners has completed its transition to a new independent structure, having finished its acquisition of Bennelong Funds Management’s stake in its business.

The change has included a new co-investor in Wheelhouse, British hedge fund Brevan Howard Asset Management LLP co-founder Alan Howard – who has replaced Bennelong in the capital structure. 

Wheelhouse trader Andrew MacLeod and chief information officer Sam Jacob both worked across the hedge fund for a number of years. 

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Wheelhouse managing director Alastair MacLeod said Mr Howard’s investment represented a vote of confidence for the business which began operating under Bennelong’s structure more than three years ago. 

“While volatile conditions have played to our strengths, we remain steadfastly committed to the core objectives on which Wheelhouse is founded; to generate a reliable, consistent income stream while preserving investor capital from market downturns,” Ms MacLeod said. 

“For the first time in decades, investors are facing dividends, fewer traditional [income-yielding] options and inflated asset prices across the board, which is transferring more risk to capital bases. Our global strategy seeks to address these concerns, targeting a high-income yield whilst safeguarding our investors’ capital.”

Hamel Strategic Partners will head up distribution efforts for Wheelhouse, led by Andrew Aitken, former head of distribution at Bennelong and Cameron Dickman, ex-head of distribution at AMG and Australian Unity.

Perpetual’s Trust Company (RE Services) is also now the responsible entity for the Wheelhouse Global Equity Income Fund. 

Wheelhouse expects to roll out an Australian equities-focused fund to Australian retail and wholesale investors later in the year. 

The group recently appointed former Paradice Investment Management chief operating officer Tony Hammond as its COO.

 

Wheelhouse completes buy-out
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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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