A local multi-affiliate funds manager has bought the 60 per cent stake in Tribeca Investment Partners previously owned by the stricken MFS (now Octaviar).
Grant Samuel Funds Management settled the Tribeca purchase on Friday night, for an undisclosed amount. The chief executive of Grant Samuel FM, Andrew McKinnon, said the stake in Tribeca was a good strategic and cultural fit. “;We’ve been looking for a partner in Australian equities, and like us, Tribeca is a local firm with staff ownership,”; McKinnon said. Over time it was intended that Tribeca’s management and key staff would own a majority of the business, he added. Tribeca chief executive and co-founder, David Aylward, admitted that the “;perception issues”; associated with the MFS stake had “;made it difficult to get the message out there”; for the last few months. However, he said the new ownership structure would help Tribeca diversify and grow its client base, particularly in the retail and high net-worth individual markets. A search will also commence for a senior quantitative analyst to support Sean Fenton, who is working on enhancements to the quant half of the Tribeca investment process. Currently at $660 million under management overall, Tribeca has perhaps become best known for its Australian Equity Long/Short Trust, which for the year to April 30 topped its peer group with a 9.7 per cent gross return, against -5.9 per cent for the ASX 300. For its part, the Tribeca purchase has prompted Grant Samuel FM to search for a new member of Damien McIntyre’s retail distribution team. Currently five-strong after setting up last year as part of the twenty-year old Grant Samuel group, Grant Samuel FM’s other affiliate is Epoch Investment Partners, a manager which invests in listed global companies that have a history of attractive dividend yields and positive growth in free cash flow.
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
