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Komfie Manalo, Opalesque Asia:

Australian family offices want foremost good risk adjusted returns, and they are happy to pay for the skill, and in some cases, the limited capacity of an active manager. Jonas Daly, Head of Distribution at Bennelong Funds Management said that Australian family offices do not have as many internal and external pressures compared to public or private pension funds.

"So these are very different constituencies, institutional versus retail and family office, they are quite separate in that regard from our point of view," Daly said at the latest Opalesque Australia Roundtable.

Daly added that family offices and high net investors are more focused on absolute return and not so much on index funds. A popular fund for this investor group would be, for example, a market neutral fund Bennelong has been running for the past 15 years that has consistently returned 17% per annum net of fees.

This particular fund would be a strong performer for the firm’s family office and high net worth clients who have been loyal to that fund because they are happy with after fee returns. Also, the manager of that fund has only taken up to around $730m of assets and soft closed it as he does not want to impact returns by exceeding market capacity in certain trades.

But if that same fund is offere......................

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