Bennelong Funds Management has opened a United States office in New York, where its new subsidiary BennBridge US will market its funds to institutional investors.
BennBridge US is headed by Barbara Safranek. The move into the US follows Bennelong’s launch of BennBridge UK in 2017.
Bennelong has investments in eight boutique asset managers in Australia and two in the UK. They manage a total of around $10 billion.
The Australian teams include 4D Infrastructure, Avoca Investment Management, Bennelong Australian Equity Partners, Bennelong Long Short Equity, Kardinia Capital, Quay Global, Touchstone Asset Management and Wheelhouse Partners.
The UK teams are Tellworth Investments and Pembroke Emerging Markets.
Bennelong chief executive Craig Bingham says the initial marketing focus will be Pembroke, Quay Global (a property fund manager) and 4D Infrastructure.
Bingham says that when Bennelong was launched its interest was in “the high alpha equities space”.
Over time it has become more diversified. “We don’t want to be at the behest of one market but our space is still high alpha performance driven,” he says.
Bingham says Bennelong is looking to add managers, focusing on areas such as Asia, global equities, sustainable management and “frontier” markets – young economies in the emerging markets sector, such as Vietnam and Philippines.
Bennelong is also diversifying its investor base. Four years ago it was 80 per cent institutional and 20 per cent retail. Today it is 45 per cent retail.
Bingham says there is funds flow from Asia and that is the next place Bennelong will look to for expansion opportunities.