Bennelong Funds Management, the family office and incubator recently expanded by two senior former ING Australian equities managers, has appointed a master custodian.
As first reported in I&T News, Bennelong recruited Mark East and Paul Cuddy from ING and has seeded a fund with master custodian BNP Paribas Securities Services after a review of the market and due diligence on three providers. Paul Cuddy said Bennelong’s initial seeding was “;well north”; of the “;generic amount you read in relation to boutique incubators”;, which Cuddy placed at $10-20 million. Jarrod Brown, Bennelong chief executive, said BNP stood out as “;the team that most wanted to partner with us and illustrated a belief in our strategy”;. Steve Tremelling, BNP head of sales, said Bennelong had significant growth potential. Bennelong aims to support and grow a suite of investment teams offering non-correlated and innovative investment strategies.
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
