Herschel Asset Management has transferred its Absolute Return Australian Equities Fund to Bennelong Funds Management.
The move will allow Bennelong to immediately take over management and trustee responsibilities of the fund, with just under $20 million in assets.
The product is managed by ex-Herschel fund manager Mark Burgess, but will have the support of Kristiaan Rehder from September.
Burgess and Rehder recently quit Herschel to form new boutique absolute return business Kardinia Capital in partnership with Bennelong.
"This outcome is in the interests of Herschel Absolute Return Fund unit holders who will benefit from ongoing management of their fund by Mark Burgess and Kristiaan Rehder," Herschel principal and founder Saxon Nicholls said.
"Herschel's core focus, as it has been for some time, continues to be the Concentrated Fund and the Global Master Fund."
The fund's name would change to the Bennelong Kardinia Absolute Return Fund, Bennelong chief executive Jarrod Brown said.
Brown said the product had capacity for around $500 million and would open to new investors from September.
"We have commenced the process of communicating with those that review and rate the fund," he said.
"Bennelong looks forward to serving the unit holders of the Bennelong Kardinia Absolute Return Fund under its new management arrangement.
"Our focus is to deliver great investment outcomes for the existing and future investors of the fund."
