Lodestar Capital Partners will close down on June 30 after more than five years managing money.
The Australian stock fund manager, which is 33-per-cent-owned by Nabinvest, says its main fund has outperformed the stock market by about 1 per cent a year since inception on March 1, 2007.
“This has been a difficult decision to make, yet we believe this in the best interests of all,” says Lodestar founder and principal John Morgan in a statement. “Lodestar has not been immune from the impact of ongoing difficult market conditions.”
Morgan did not return calls seeking comment. The company’s web site does not state how much assets under management the firm has.
In June 2007 Lodestar signed a distribution agreement with National Australia Bank. In September 2009 Nabinvest took a 33-per-cent shareholding.