Portfolio Partners founder David Slack has bought a majority share of the Bell Group's asset management businesses with employees Ned Bell and Stuart Nixon and former Invesco managers Rohan Walsh and Luke Sinclair.
Slack announced yesterday that he will run a new fund manager, Karara Capital, which has absorbed both Bell Asset Management and Bell Potter Asset Management that have $3.3 billion in funds under advice.
Slack resurfaced last month after a break from the industry to head up Bell Asset Management.
Slack, Walsh, Sinclair and Bell will manage the Bell Group's Australian and international equities and fixed income investments for institutional investors and the retail high net worth market.
Slack said together with Nixon, the four managers did a deal with the Bell Group to buy 54 per cent of the business but declined to disclose the amount.
Walsh and Sinclair, who defected from Invesco last month, will co-manage Australian equities.
Ned Bell will manage the international equities portfolios.
Nixon will manage the group's operations.
The group will work out of Bell's Melbourne's offices until it relocates to new premises.
