Australian multi-boutique firm, Pinnacle, has hired David Batty as its man in New Zealand.
As reported in July, Pinnacle, which houses a stable of seven boutique funds with a collective A$26 billion under management, was seeking someone to develop “new business opportunities in NZ… across retail and wholesale distribution networks”.
The ASX-listed Pinnacle’s underlying managers include global equities house, Antipodes, (launched by former Platinum managers), ‘high conviction’ Aussie shares specialist, Hyperion, and international listed property firm, Resolution Capital.
Pinnacle also offers distribution-only services for Metric Credit Partners and Sigma Funds Management.
Batty joins Pinnacle from Auckland-based third-party distribution operation, Heathcote Investment Partners, headed by Clayton Coplestone.
Coplestone said the current Heathcote team would take on Batty’s duties until a replacement is appointed “over the coming months”.
Meanwhile, Heathcote has added Australian-based absolute return fixed income manager, Daintree Capital, to its NZ marketing list. Daintree, founded by long-time Kapstream Capital portfolio manager Mark Mitchell this March, operates under the umbrella of Perennial, which follows a multi-affiliate model similar to Pinnacle.
Heathcote now markets over 10, mostly Australian-based, managers covering a range of asset classes to NZ financial advisers and institutions.
Daintree launched the Core Income Fund this June targeting a “return 1.5 -2.0% pa (net of management fees) above the RBA Cash Rate”, according to its website.
Mitchell’s former shop, Kapstream, has also established a beach-head in NZ in a product deal with Auckland alternative multi-manager NZAM.
In April NZAM launched a portfolio investment entity (PIE) version of the Kapstream Absolute Return Income Fund targeting both retail and wholesale investors. As at the end of June, the PIE-wrapped Kapstream product reported funds under management in excess of $25 million.
It is understood a number of other Australian-headquartered managers may follow Pinnacle with forays into the NZ market.