16 April 2020
Bennelong Funds Management (Bennelong) and Wheelhouse Investment Partners (Wheelhouse) have agreed for Wheelhouse executives to acquire Bennelong’s stake in the Australian boutique manager after a successful three-year partnership.
Under its independent ownership structure, Wheelhouse will continue to focus on delivering purpose-built investment solutions that target income and protection for Australian retail and wholesale investors, including its flagship Global Equity Income Fund.
The fund’s net positive returns year-to-date are attributed to its rules-based systematic approach to preserving capital, particularly in market crises, while continuing to generate consistent income.
Alastair MacLeod, Managing Director of Wheelhouse, said, “We are excited to take full ownership of our business and extremely grateful to Bennelong for its support in establishing and positioning Wheelhouse for future success.
“We remain fully committed to delivering defensive income for Australian investors challenged by today’s ‘lower for longer’ equity growth environment and historically low interest rates. We look forward to leveraging our track record and momentum to pursue new opportunities.”
Bennelong CEO, Craig Bingham, said “We are proud to have partnered with Wheelhouse, and look forward to seeing them continue to flourish.
“Over the past three years, Wheelhouse has focused on its objectives of generating income, protecting capital and lowering volatility – timely offers for today’s market. We wish them well as they enter their next phase of growth and development.”
“Across the industry, this is a time of change and undeniable challenges, but we’re also seeing the arrival of new opportunities,” said Craig. “At Bennelong, we continue to refine and strengthen our global capabilities, managing the business to deliver the best possible outcomes for our clients.”
Wheelhouse has agreed terms with new distribution partners and has appointed a new responsible entity for its offerings, which will be announced later this month. The team also plans to launch an Australian equities focused fund, which will apply the same rules-based and disciplined derivatives strategy used for the global fund.
The buyout and transition arrangements will be finalised by 31 July 2020.