Micro-cap portfolio managers Andrew Mitchell and Steven Ng have left Paradice Investment Management to set up their own fund.
David Paradice, who founded the funds management firm in 1999, will help with seed funding, but Mitchell and Ng said they were looking for an equity partner.
"For quite some time we explored the opportunity to launch a new product within Paradice Investment Management with the help of David Paradice, but unfortunately we were not able to make this happen," Mitchell and Ng said in a statement.
"So we have left Paradice with the support of David to set up our own shop."
Mitchell and Ng have managed the Micro Opportunities Fund at Paradice for the past four years.
They said the fund had outperformed the Small Ordinaries Index by 20 per cent over the past four years, or 13 per cent annual absolute return; 28 per cent over three years, or 25 per cent absolute return; and 28 per cent outperformance over the past year, or 44 per cent absolute return.
"This performance makes the fund the clear best-performing micro-cap fund over each period, according to the Mercer survey," they said.
