Aubrey Capital Management (Aubrey) has seen more than 50 per cent of funds in its Global Value Investors' (GVI) withdrawn since taking over management of the funds late last year.
Aubrey fund manager Andrew Dalrymple told a briefing yesterday that as a result of last November's takeover, $150 million of funds remain in GVI.
Aubrey took over the management of GVI funds after the GVI board decided the performance of the fund had not been optimal.
"Since Aubrey took over management of the GVI portfolio, the performance has been extremely strong, we've been able to communicate with most of those investors," Treasury Group director of distribution Peter Walsh told the same briefing.
Over the three years to 18 November 2011, the fund added 3.1 per cent, while over a five-year period the fund lost 3.2 per cent.
Treasury Group, which supports both boutique investment firms, took a controlling equity ownership position in GVI, and Treasury Group Investment Services continued to be the responsible entity of the funds.
At present, Treasury Group owns 20 per cent of the firm, but has the ability to increase its equity holding up to a maximum holding of 30 per cent through the issuance of convertible notes, Dalrymple said.
The remaining 80 per cent of the firm is owned by partners of Aubrey.
"They [Treasury Group] have an option to go to 30 per cent, which they have paid for already," Dalrymple said.
"[It] is dependent on the funds raised between Treasury Group and ourselves in the worldwide, but principally Australian, market."
Dalrymple said that the partners' majority stake in the company is important.
"We all have our own money in the fund so we have a complete alignment with the interests of the clients which we think is extremely important," he said.
