The impact of the Future of Financial Advice (FOFA) reforms was continuing to cause a dip in confidence in the market, Bennelong Funds Management chief executive Jarrod Brown said yesterday.
Brown said although the fund manager continued to keep watch on any potential impact the reforms might have, Bennelong was still on track to continue building momentum.
He said advisers were still concerned about how FOFA would affect their business.
“Confidence is still pretty low,” he told InvestorDaily.
“My expectations are that [it will be] a similar environment this financial year to the one that has just passed. Any upside on that would be refreshing and warmly received.”
Bennelong continued to take a “wait-and-see” stance while the larger players in the market made their move, he said.
“Whatever the big guys do in this space, the string of asset managers, platforms et cetera will simply follow suit; they have to set the example,” he said.
“We’re on a wait-and-see until the big guys say ‘well this is how it’s going to work’. We haven’t seen any change to date.”
Bennelong’s focus for the remainder of the year would be on its newer boutiques, particularly its Avoca and Kardinia funds, he said.
“From here to Christmas that is the focus of our business, maintaining momentum in the more established teams and continuing to build the same in Avoca and Kardinia,” he said.
