Integrity Investment Management, the boutique comprising former UBS Global Asset Management Australian equity managers, has poached a senior trader from UBS GAM to be its chief operating officer.
Karen Thompson, whose nine years at UBS GAM were split between administration and trading, joins Integrity managing director Paul Fiani, portfolio managers Shawn Burns and Marcus Truman, and head of research John Moran. Integrity received its Australian Financial Services Licence last Monday, and according to Fiani was awarded its first mandate two days later. The mandate is yet to be funded, so Fiani was tight-lipped on his new client. It’s widely expected that at least a portion of recent Australian equity outflows from UBS GAM will follow Fiani. State Super NSW was understood to be on the verge of rescinding its $560 million mandate with Fiani’s old shop, although it’s widely rumoured that BT Financial Group is to be the recipient of most of that money (State Super would not comment). Integrity has appointed ANZ as its custodian and White Outsourcing as its backoffice administrator, after an internally-led due diligence process. Meanwhile, Fiani hopes to have a PDS for a 30-50 stock fund out to financial advisers by the end of October. A 20-30 stock fund will also be available, but only to institutional investors. Fiani said he was pleased with the market feedback on Integrity so far. “We have received a lot of interest in our post tax investment process…There is also significant interest in our approach to shareholder activism,” he said.
As super fund CIOs return to work for 2025, all eyes are on two things: Donald Trump’s presidency, and inflation. But they’re not the only issues that will drive investment decisions and returns, and some of them may present an unfamiliar set of challenges for a cohort of investment professionals that has grown up experiencing a particular set of market and economic conditions.
Simon HoyleJanuary 7, 2025
