“Clients appear to be searching for opportunities offshore,” said Bennelong CEO Craig Bingham, “and we believe the UK offers some very interesting prospects.”
Craig said Bennelong intends to appoint a range of executives in the UK, including a chief operating officer, a compliance manager and head of sales for Europe and the UK.
“Our approach will be to establish a stand-alone funds management business in the UK. While the overall strategy of partnering with specialist asset management businesses will be the same as it is in Australia, the asset classes and business strategy may vary.
“The UK and European markets have a number of inherent differences to Australia; what is successful here won’t necessarily be the best strategy in another part of the world.”
Craig said Bennelong was encouraged to see such a high level of interest in their approach from the UK investment industry.
“We’ve spoken with more than 80 teams so far and hope to establish two or three partnerships in the first half of 2017,” he said.
“We hope our expansion into the market will help boost the ability of boutique fund managers to overcome the regulatory, legal and administrative hurdles that prevent many from getting a foot in the door.”