23 January 2020
The Avoca Investment Management board has agreed to begin the process of winding down the Avoca business. Exact timing is yet to be confirmed, but we anticipate this will take place over the coming weeks.
Bennelong Funds Management partnered with Avoca Investment Management in May 2011, subsequently establishing the Bennelong Avoca Emerging Leaders Fund, with the aim of adding value and preserving capital through prudent investment in emerging leaders.
In March 2019 the retail Fund closed by mutual agreement between Bennelong and Avoca. Over the past year, the underlying strategy remained open for the benefit of its institutional investors.
Two key institutional investors recently indicated they planned to withdraw their funds, which prompted the decision to wind down the strategy. Exact timing is being finalised, ensuring the process is conducive to our investors’ needs.
Bennelong is working closely with the Avoca team members, supporting and assisting them through the change.
We commend Avoca’s commitment to its underlying investment principles, which have enabled them to strategically navigate through changing market conditions over the years.
Bennelong is part of the BFM Group, an investment company that partners with 11 boutiques across the globe to deliver actively managed equity funds. Outside Australia the Group operates as BennBridge, with a presence in the UK and US. Since 2015, we have globally seen the opening of offices in London, New York and Edinburgh, and the addition of eight boutique teams and 16 funds.