Australia’s largest independently-owned stockbroker Patersons Securities has added a fifth arm to its business, Patersons Asset Management.
The funds management division will bolster business by offering investment products to institutional, wholesale and retail investors.
Launching in January 2008, the wholesale and retail-focused 80:20 Fund will be first in the stable.
It has a mandate to invest 80 per cent in ASX200 stocks and up to 20 per cent in special opportunities and value stocks.
“A lot of smaller investors don’t normally get the chance to invest in initial public offerings and capital raisings,” Patersons Asset Management managing director Howard Knight told InvestorDaily.
“This is an area where Patersons Securities has been the biggest issuer of corporate finance deals [by number of deals, not by dollar value].”
Knight was formerly UBS Global Asset Management alternative and quantitative investments executive director.
Patersons Securities already has $1 billion in funds under management and administration.
Funds management will add an additional pillar to the business and provide an opportunity for its 100,000 strong client base, Patersons Securities chairman Michael Manford said.
Patersons Securities’ four divisions are retail stockbroking, institutional dealing, corporate finance and research.
The group has 140 private client advisers and a Perth-based financial planning team of six.
