London-based Aspect Capital has signed a joint venture partnership agreement with Australia-based Select Asset Management Limited. The agreement will lead to the launch of a Select Aspect fund series for Australian investors.
Aspect was created by Anthony Todd, Eugene Lambert, Martin Lueck and Michael Adam in 1997. All four were key figures behind the development of Adam Harding and Lueck (AHL), one of the most successful hedge fund groups globally and now part of the Man Group plc.
Brendan Foley and David Yale, two of the founders of Select, were also formerly senior executives of AHL and he Man Group plc.
Select, one of Australia's leading specialist fund managers, was set up last year as a joint venture between an experienced local team and the Swiss-based Gottex Group.
Select provides Australian investors with access to absolute return focused total portfolio solutions (the Select Diversified Portfolios) and conservative, professionally managed portfolios of hedge funds via the joint venture with Gottex (the Select Gottex Hedge Funds).
Aspect will be taking an equity position in Select alongside Gottex. Aspect Director Michael Adam will join the Select board of directors.
Dominic McCormick, Chief Investment Officer of Select, said: "We are committed to delivering world-class absolute return focused investment products to Australian investors."
Mr McCormick said: "The relationship with Aspect secures our access to proven quantitative trading strategies and allows us to provide the Australian market with best of breed hedge fund solutions in every category. We are allocating to Aspect from the Select Diversified Portfolios and intend to launch a series of Select Aspect funds."
Anthony Todd, Managing Director and co-founder of Aspect, said: "Australia is one of the largest markets for managed funds globally. It has a robust regulatory environment and a proven appetite for absolute return products."
Mr Todd added: "In partnership with Select we can serve our current institutional clients better and reach Australian investors directly through local regulated management schemes."
Background Note: Aspect Capital manages alternative investments for institutions and wealthy individuals worldwide. Aspect had US$1.8 billion in assets under management as of 28 February 2003.