Australian global equities manager, Antipodes Partners, has acquired the multi-affiliate firm, Bennelong Funds Management (BFM), for an undisclosed sum.
Under the deal, Antipodes expands in Russian-doll-fashion as a multi-affiliate housed within another multi-affiliate, Pinnacle Investment Management, following the 2024 purchases of two other long-standing Australian boutiques, Maple-Brown Abbott and Premium Funds Management.
BFM has about A$3.6 billion under management as the ‘responsible entity’, or issuer, of 16 funds for about half-a-dozen managers including the Edinburgh-based emerging markets specialist, Skerryvore, Allspring (a US firm known mainly for fixed income) and a leading catastrophe bond player, Leadenhall.
In a note to clients, Antipodes says the purchase “includes BFM’s minority equity interests in Quay Global Investors (global listed real estate), Bennelong Australian Equity Partners (Australian growth equities) and Skerryvore Asset Management (global emerging markets)”.
“Each of these affiliates will continue to operate independently within Antipodes’ group structure,” the note says. “Antipodes is not assuming BFM’s minority equity interest in 4D Infrastructure.”
Maple-Brown Abbott also remains as a stand-alone brand under Antipodes while Premium was absorbed into the overarching business.
Overall, Antipodes reported about A$21 billion under management as at the end of June, according to a Pinnacle presentation. At the same date, the ASX-listed Pinnacle held almost A$230 billion across its 19 affiliates with the largest, Life Cycle (the UK global equities boutique established by former Royal London portfolio managers in May 2024), surging to A$42 billion in record time: Amova Asset Management NZ appointed Life Cycle on its multi-manager global equities fund last year.
Antipodes along with other Pinnacle affiliates including Hyperion, Plato, Resolution Capital, Metrics and Coolabah Capital have all established portfolio investment entity (PIE) funds for a growing NZ client base.
The three Antipodes PIEs managed about $300 million as at the end of June this year.
“Overall, the addition of BFM’s high-quality investment teams is consistent with Antipodes’ strategy to further diversify its platform and strengthen its distribution capabilities,” the client note says.
BFM was owned by the Bangarra Group, the family office founded by former Australian rules (footie) player, Jeff Chapman, in 2000.