Thu, Sep 18, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Select Asset Management acquires Total Fund Services

Thursday, December 13, 2012

Brendan Foley
Opalesque Industry Update - Specialist investment management group Select Asset Management Limited announced the acquisition of Australian financial services business Total Fund Services (TFS) for an undisclosed amount.

TFS provides specific regulatory services to Australian managed investment schemes, acting as a ‘responsible entity for hire’ to registered schemes and similar investment vehicles. The business will be integrated into Select Fund Services (Select FS) headed by Mr. Alex Wise.

“We are pleased to announce the strategic acquisition of TFS,” said Select Asset Management Chief Executive Officer Brendan Foley.

“The addition of TFS highlights our intention to open up the inherent skills and experience that resides within our firm. Our vision is to leverage Select’s core principles of investor focus, investment rigour and original thinking to continue building an end-to-end, integrated investment management business,” Mr. Foley said.

“The pivotal part of this model is Select Investment Partners (Select IP), our specialist asset management arm led by Dominic McCormick. Select IP recently celebrated its 10th year of successful investing in Australia,” he said.

Mr. Foley said the TFS acquisition brings with it a number of high-profile financial services firms for which TFS acts as Responsible Entity (RE). The client list includes venerable brands Clime Investment Management, Man Group’s FRM and Yellow Brick Road.

Head of Select FS Alex Wise said funds services is a natural extension for Select given its reputation, client-focused principles and compliance standards.

“We take the business of investing other people’s money seriously, knowing that we operate in a highly complex regulatory environment. But we think differently about the challenges and opportunities facing investors today. Our track record clearly shows the benefits of responding with innovative product design and a robust due diligence process,” Mr. Wise said.

“We’re ideally positioned to nurture and grow our business, providing third party asset managers a package of ‘RE for hire’ services and distribution services through Winston Capital Partners, our alliance partner. Such asset managers typically focus on managing the money and welcome the support of dedicated experienced professionals to provide support on governance and operational matters,” he said.

Mr. Foley said TFS clients, under the guidance of new owner Select Funds Services, can expect continuing high quality service delivery and peace of mind knowing their fiduciary and regulatory needs are being well met.

The acquisition brings Select FS’ funds under administration to over $850m.

Press release

bc

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. SEC charges 19 investment firms and one trader for breach of Rule 105[more]

    Benedicte Gravrand, Opalesque Geneva: The Securities and Exchange Commission (SEC) started a push to enhance the enforcement of Rule 105 of Regulation M last year to uncover hedge funds and private equity firms that have illegally participated in an offering of a stock after short selling it duri

  2. Fund managers, bullish on Europe, anticipate monetary policy separation of Fed and ECB[more]

    Komfie Manalo, Opalesque Asia: At least 202 fund managers with $556bn of assets under management said that while the European Central Bank (ECB) has eased its monetary policy that sent sentiments towards Europe to pick up, the Fed is expected to hike its rate in the spring of 2015. Investor

  3. Investors looking at other sources for hedge fund-like returns[more]

    Komfie Manalo, Opalesque Asia: Investors who are always on the lookout for higher gains are looking at alternative sources of income, particularly exchange-traded fund industry that generates hedge fund-like returns, according to

  4. News Briefs - Limited partners of investment managers may be subject to self-employment taxes, Just one week left until NYC's Rocktoberfest[more]

    Limited partners of investment managers may be subject to self-employment taxes On September 5, 2014, the Internal Revenue Service (“IRS”) issued Chief Counsel Advice 201436049, concluding that members of an investment manager were subject to self-employment taxes with respect to their e

  5. Opalesque Exclusive: Old Hill Partners launches specialty finance fund[more]

    Bailey McCann, Opalesque New York: Asset-backed lending is starting to heat up again after a prolonged credit squeeze. The Financial Times reports that a record £18.9bn was borrowed from asset-based lenders in the three months to the end of June. Much of this lending is driven by advanc