Boutique fund manager Bennelong Funds Management has announced Herschel Asset Management’s Mark Burgess and Kristiaan Rehder will join the firm to manage an Australian equity long short absolute return fund.
Bennelong chief executive Jarrod Brown confirmed the pair will join Bennelong on 1 September 2011 to form a yet-to-be-named investment business of which they will be the majority shareholders.
“They have tremendous past performance, a robust investment process and are very highly regarded in the absolute return space,” Brown said.
Earlier in the year, research house Zenith gave the Herschel Absolute Return Fund a ‘recommended’ rating for its unblemished record of outperformance in a falling market, labelling it the “undiscovered gem” of hedge funds.
This is the second boutique Bennelong has brought on board in three months, with two former UBS small cap asset managers joining the firm in May to form Avoca Investment Partners.
Future Group is set to take on nearly $1 billion in funds under management (FUM) and welcome more than 100,000 new members following two significant successor fund transfers.
Insignia’s Master Trust business suffered a 1.9 per cent dip in FUA in the third quarter, amid total net outflows of $1.8 billion.
While the Liberal senator has accused super funds of locking everyday Australians out of the housing market, industry advocates say the Coalition’s policy would only push home ownership further out of reach.
Australia’s largest superannuation fund has confirmed all members who had funds stolen during the recent cyber fraud crime have been reimbursed.