Fri, Mar 29, 2024
A A A
Welcome Guest
Free Trial RSS pod
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   |   
Previous Opalesque Exclusives                                  
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. KKR raises $6.4bn for the largest pan-Asia infrastructure fund[more]

    Laxman Pai, Opalesque Asia: The New York-based global investment firm KKR has raised a record $6.4bn for its second Asia-focused infrastructure fund, underlining investors' continued appetite for private markets. According to a media release from the alternative assets manager, the figure top

  2. Bucking the trend, top hedge fund makes plans for a second SPAC[more]

    From Institutional Investor: SPACs aren't dead. At least not to the folks at Cormorant Asset Management. The life sciences firm, whose hedge fund topped its peers in 2023, is confident it will match the success of its first blank-check company. Last week, the life sciences and biopharma speciali

  3. Benefit Street Partners closes fifth fund on $4.7 billion[more]

    Bailey McCann, Opalesque New York: Benefit Street Partners has closed its fifth flagship direct lending vehicle, BSP Debt Fund V, with $4.7 billion of investable capital across the strategy. Benefit Street invests primarily in privately originated, floating rate, senior secured loans. The fun

  4. 4 hedge fund themes that are working in 2024[more]

    From The Street: A poor earnings report from Tesla (TSLA) has not hurt the indexes on Thursday. The decline in Tesla stock, which is losing its position in the Magnificent Seven pantheon, is more than offset by strong earnings from IBM (IBM) and ServiceNow (NOW) . In addition, the much higher-t

  5. Opalesque Exclusive: A global macro fund eyes opportunities in bonds[more]

    Bailey McCann, Opalesque New York for New Managers: Munich-based ThirdYear Capital rebounded in 2023, following a tough year for global macro. The firm's flagship ART Global Macro strategy finished the year up 1