Fidelity Investments’ head of institutional business, Jason Ciccolallo, will start at a new funds manager next month, remaining in Melbourne.
Ciccolallo will be the first Melbourne presence for Orbis Investment Advisory, which a fellow Fidelity departee, Jenny Josling, joined as managing director – Australia in 2006. Ciccolallo joined Fidelity in May 2005 from Merrill Lynch, where he was vice president – institutional sales. Fidelity was unavailable for comment at presstime as to how Ciccolallo would be replaced. Orbis has $2.3 billion under management in Australia, sourced from global equities, absolute return products and Australian equities, for which InTech’s multimanager funds have been a notable supporter. Fidelity Investments reported $2.7 billion of Australian-sourced FUM sat the end of 2007.
26/03/2008
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Alternatives
The chief investment officer of the $150 billion industry super fund says that Hostplus’ portfolio will weather the ongoing downturn in software companies and that moves by a number of large private credit managers to gate their funds are a result of the asset class being offered to retail investors who should not have assumed the funds would be liquid enough to get money out when everybody else is trying to do the same.
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