JANA Investment Consulting has appointed the alpha extension fund of Tribeca Investment Partners to one of its implemented consulting multi-manager funds, with a mandate of more than $100 million.
The Tribeca fund, called Alpha Plus, is a long/short fund which can go up to 150:50 and has averaged 135:35 long and short, with a beta of one.
John Coombe, investment director of JANA Investment Advisers, said that Tribeca’s “blended” approach, using both fundamental (or qualitative) and quantitative techniques, would complement the other managers in the JANA Australian Share Long/Short Trust – the pure quant Acadian and pure qualitative BT.
The Tribeca fund is run by Sean Fenton, who has a background in quant but who oversees both the long/short fund and long-only Core portfolio for the firm.
The Alpha Plus fund returned 52.6 per cent in the year to March, making it an upper quartile performer or 11th out of 147 managers in the Mercer survey for Australian shares. The first place long/short fund, run by Fortis Investments, ranked 3 out of 147 overall.
Jim Savage (pictured), head of sales and marketing for Tribeca, said the fund still had plenty of capacity, despite its growth over the past year and the size of the new mandate.
He declined to specify its precise size, but pointed out that Tribeca did not have a very big core long-only fund which would otherwise chew up capacity.
Tribeca has about $1.2 billion in total funds across its product range, which includes an established small-cap fund run by David Aylward, the managing director and founder of the firm. This is more than triple the total at the start of last year.
Aylward said Tribeca was also attracting retail flows, due to its association with shareholder Grant Samuel Funds Management, which provides retail marketing services. Grant Samuel also represents global manager Epoch Investment Partners in Australia.
“Our rate of institutional growth will probably slow from here,” he said.
“The JANA mandate is a nice validation of our business. We have won a number of institutional mandates recently, representing a reasonably broad range of clients.”