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.
Australian super funds’ collaboration with their British counterparts to change the UK policy setting is an engagement effort the first of its kind. However, as the global pension industry and financial markets become increasingly entwined, it certainly won’t be the last. IFM Investors’ David Whiteley outlines its global engagement ambitions on behalf of super funds.
Darcy SongOctober 14, 2024
