Melbourne equity boutique Intrinsic Investment Management has won the third annual award for Innovation In Funds Management sponsored by the Victorian government.  From about 80 managers invited to enter the competition, Intrinsic’s Sharia fund, which invests in stocks allowed by Islamic law, took out the prize.  Two other managers were short-listed – River Capital and JM Financial.

Glenn Woolley, chief executive of Intrinsic, said that there were 400,000 Muslims in Australia and more than 820 million in Asia, which represented a big opportunity for the manager.  He said setting up the fund required extensive revamping of Intrinsic’s process because 72 companies only out of the ASX 200 qualified under Islamic law, which excludes some financials, anything that pays interest, and alcohol and tobacco stocks.

In another award announced at the conference last night, Aviva Investors won the Investment Stewardship Award which is given for long-term investment achievement covering all aspects of investment management, including ESG considerations.
Among super funds, construction industry fund Cbus won the Investment Stewardship Award for the second time..