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Clime to join SMA operations with asset manager

2 minute read

Clime Investment Management has announced it has entered a heads of agreement with a local asset manager.

The company confirmed that it will bring its SMA/MDA operations together with Ralton Asset Management, with combined assets under management totalling $330 million.

The agreement will see Clime hold an equity position in Ralton between 50 and 75 per cent, while Ralton’s business will move forward with operated SMA/MDA funds and management contracts assigned or contracted by Clime.

The SMA business will be headed up by current Ralton CIO Will Riggall.

Clime said the agreement will create an “industry leader” in the managed accounts sector.

“The proposed new venture will provide a platform for significant growth, underpinned by the long history of managed account investing in both companies,” the group said in a statement.

The transaction is expected to be completed by 31 December.

The move comes after Clime’s board underwent a shake-up in recent months, with the latest addition, Clare Bibby, joining in October.

It came after Brett Spork and Peter Beaumont stepped down from the board in September and were replaced by Dr Michael Kollo, Susan Wynne and Ronni Chalmers.

In August, former Clime director Neil Schafer was voted off the board by shareholders.

Two of Clime’s four board members were in favour of the move, including chairman John Abernethy.

Neil Griffiths

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily. 

Neil is also the host of the ifa show podcast.