Paradice Investment Management’s new chief operating officer, Tony Hammond, has left his mark with the appointment of new middle/backoffice and finance service providers, and is seeking an operations manager to ramp-up internal client-servicing responsibilities.
Following a review and tender process assisted by consultant Drew Vaughan, the $3.8 billion Australian equity manager will transition to National Custodian Services (NCS) as sole outsourced administrator and custodian. Paradice had been using NCS to service the unregistered trusts through which it accepts money from high net worth individuals, while White Outsourcing had administered the boutique’s mandates. Hammond said that as Paradice moved into its next phase of growth, it was the right time to “;de-fragment”; inputs. He is also searching for an operations manager to help “;reinvigorate”; Paradice’s client service and reporting. Under the new model, Paradice staff will be the contact point for more client queries and the manager will also assume control of functions such as calculations for substantial shareholder notices. The review has also seen PricewaterhouseCoopers appointed to the auditor/tax function, and Lumina Business Process Outsourcing become accountancy provider. Both functions were previously outsourced to Moore Stephens.
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
