Paradice Investment Management has hired its first-ever chief operating officer, and put him straight on to a review of its system and outsourcing requirements.
Tony Hammond joined the $2 billion purveyor of small, mid and large-cap funds six weeks ago. Hammond previously spent two years at Asgard as head of investment sourcing, where he helped make sure that potential managers for the platform were suitable from an operational perspective and would be adequately supported by advisers. Hammond did not rule out the possibility that Paradice IM could pursue mezzanine distribution in the future, but said the strategic review he would shortly close out was focussed on the “;foundation stones”; of the firm’s existing business. Fund administration for the boutique’s mandates is currently handled by White Outsourcing, while custody and admin for the unregistered schemes through which Paradice accepts money from high net worth individuals is provided by National Custodian Services. Prior to Asgard, Hammond spent eight years at BT, the last two within Stewart Brentnall’s investment solutions team.
Future Fund chief investment officer Ben Samild said that FY24 has been a great year for alpha creation, thanks to strong returns in equities and, unusually, across multiple hedge fund strategies all at the same time. He reflected the past few years have been “a difficult time to be an asset owner and to generate positive returns for risk assets” but the Future Fund is tracking well of its long-term mandate.
Simon Hoyle and Darcy SongSeptember 4, 2024
