Australian Unity Investments (AUI) and Melbourne-based private investment and advisory firm Wingate Group intend to form a joint venture boutique international equities fund.
The partnership, to be called Wingate Asset Management, will take over the management of the Wingate Opportunity Fund and Wingate Spectrum Fund. It will also seek to develop other international funds in conjunction with its current offering.
A product disclosure statement for the boutique fund will be launched early in the new financial year if the existing unit holders in the Wingate Opportunity Fund and Spectrum Fund vote in favour of appointing AUI as trustee at their meeting in early June, according to AUI head David Bryant.
"The joint venture is a particularly good fit with our own in-house expertise in mortgages and property funds, as well as existing specialist joint ventures in Australian equities with Acorn Capital and Platypus Asset Management and fixed interest with Vianova Asset Management," Bryant said.
The partnership with Wingate will strengthen the AUI product range, allowing it to offer a branded international equities product to investors, he said.
Wingate Group founder and chief executive Farrel Meltzer will continue as a key member of the investment team, strategic adviser and director of the company.
In addition to the cultural alignment between the two businesses, Meltzer said the main appeal of setting up a joint venture for its international funds management activities is to give its investment team and clients additional support to broaden its reach and market penetration.
"AUI is a compelling and logical choice as partner for our growing international equities funds management activities," Meltzer said.
