21 February 2011
Bennelong Funds Management (Bennelong) today announced its search for a new global equities partner, a move influenced by the decision of their US-based global asset manager, Security Global Investors (SGI), to close their global equities office in San Francisco.
The closure of SGI's global equities office is the result of a business review by SGI's parent company, Security Benefit, following its acquisition by a Guggenheim Partners-led group of investors.
Jarrod Brown, Bennelong's Chief Executive Officer, said the Group is committed to offering best-of-breed global equities strategies. "Whilst we're obviously disappointed our relationship with SGI is coming to an end, our search for new, quality global equities managers is well progressed. We recognise the market is continually changing and that to remain successful, you must be vigilant in looking for new opportunities. As a consequence, we're always talking to best-of-breed managers and exploring opportunities to expand our suite of capabilities," said Jarrod.
The Bennelong SGI Global Equities Fund was suspended on 10 February 2011. While SGI is obligated to manage the fund until early August, Bennelong as Responsible Entity has made the decision to liquidate and return all assets to the underlying investors.
"Following an efficient review of the Trust's position and consideration of the uncertainty surrounding the SGI team's dissolution, it was deemed that the most prudent course of action would be to terminate the fund and return the assets to investors promptly," said Jarrod.