Brad will continue as BAEP’s senior investment analyst for sectors including Building Materials, Gaming and Travel-related consumer stocks, until 31 March 2026.

To ensure a smooth transition of responsibilities, BAEP has appointed Michael Ward to the role of senior investment analyst, effective 2 March 2026. Michael has over 25 years’ experience in financial markets.

Mark founded BAEP in 2008 in partnership with BFM, remains BAEP’s chief investment officer, and was sole portfolio manager until March 2023.

The funds that Mark will now be sole portfolio manager for are:

• Bennelong Australian Equity Fund
• Bennelong Concentrated Australian Equity Fund
• Bennelong ex-20 Australian Equity Fund
• Bennelong Twenty20 Australian Equity Fund, and
• various mandates.

The Bennelong Emerging Companies Fund, which has returned 18.4 per cent per annum since inception in October 2017, is not affected by Brad’s departure. Doug MacPhillamy remains portfolio manager for this fund.

“On behalf of BAEP and BFM, Mark and I thank Brad for his dedication and wish him the best for the future,” John Burke said.

The post BAEP’s Mark East re-assumes sole portfolio manager responsibilities appeared first on AdviserVoice.

John Burke

Bennelong Funds Management has signed a memorandum of understanding (MOU) and partnered with US-based Monroe Capital to further expand its distribution to Australia and New Zealand.

Founded in 2004, Monroe Capital is a USD$21.6 billion asset manager specialising in diversified private credit solutions, with a focus on US lower middle market direct lending to institutional and high-net-worth investors.

The firm’s direct lending investment strategy is focused primarily on first lien and unitranche loans to companies diversified across multiple industries located throughout the US and Canada.

Gillian Larkins, Chair of the Bennelong Funds Management Ltd Board, said, “Our alignment with Monroe Capital represents the third step in the process of moving Bennelong from a largely equities-based business to one that best caters for the evolving needs of investors. It is our strategic intent to augment our long-standing Australian capabilities by working with international specialists across all established asset classes.”

CEO of Bennelong Funds Management, John Burke, said, “As a top ten US non-bank lender in 2024, we believe Monroe Capital is a specialist international manager with the proven expertise and scale to offer a valuable private credit alternative to local investors. We are excited to be working with the Monroe Capital team as we continue to service our excellent client base in meeting their evolving needs.”

Alex Kim, Managing Director & Head of APAC at Monroe Capital, commented, “The US middle market lending universe includes over 200,000 companies and is characterized by less competition, more covenants and higher spreads than other areas of direct lending. This fragmentation in the lower middle market, where Monroe Capital specializes, offers investors access to a segment of the market with the potential for higher returns and more downside protection.”

“Launching our private credit strategy via Bennelong’s Australian-domiciled fund marks a pivotal step in democratizing access to institutional-grade credit strategies,” said Zia Uddin, President of Monroe Capital. “We’re opening the door for qualifying investors to participate in a resilient asset class that has historically delivered stable income and downside protection.”

Monroe has over 300 employees, inclusive of an investment team of approximately 120 professionals focused on deal sourcing and underwriting. The firm is headquartered in Chicago and has 12 locations throughout the United States, Asia, Middle East and Australia.

Bennelong plans to launch a local registered vehicle in the coming months.

The post Bennelong Funds Management signs MOU and partners with US middle market private credit lender Monroe Capital appeared first on AdviserVoice.

John Burke

Bennelong Funds Management has launched the Allspring Global Income Fund, targeting Australian retail, wholesale and institutional investors.

The product launch follows the announcement in May that Bennelong has partnered with Allspring Global Investments (Allspring) to distribute its global income strategy across Australia and New Zealand.

Allspring is a leading asset manager with USD$600 billion of assets under management and advisement, managing over USD$460 billion in fixed income assets for a global client base.

The new fund is based on Allspring’s global income strategy and dynamically invests across global fixed income sectors including government, securitised, investment grade credit, high yield and emerging market debt markets.

The fund offers daily liquidity with an objective of outperforming the Bloomberg Global Aggregate Index and generating a total return consisting of a high level of current income (paid monthly) and capital appreciation.

John Burke, CEO of Bennelong, said “We believe this fund can be a core component of well diversified portfolios. Allspring’s global income strategy has delivered strong risk-adjusted returns for over ten years, and it’s exciting to bring a proven, well-diversified and dynamic product to our network of investors, advisers and institutions.”

Gillian Larkins, Chair of the Bennelong Funds Management Limited Board, said “our alignment with Allspring represents another important step in the process of moving Bennelong from a largely equities-based business to one that best caters for the evolving needs of investors across all asset classes.”

Andy Sowerby, head of the International Client Group at Allspring, said recent market volatility continues to highlight the importance of dynamic allocation.

“Our flexible, multi-sector approach is different from strategies with more static allocations and fewer exposures, and to strategies managed to three or five-year macroeconomic themes. The strategy has delivered competitive performance in periods of market stress, including over the challenging markets of 2025,” he added.

The post Bennelong Funds Management launches Allspring Global Income Fund appeared first on AdviserVoice.

John Burke

Bennelong Funds Management has partnered with Allspring Global Investments to distribute its global income strategy across Australia and New Zealand.

Allspring is a leading asset manager with USD$600 billion of assets under management and advisement, managing over USD$460 billion in fixed income assets for a global client base.

John Burke, CEO of Bennelong, said the partnership will introduce an in-demand income solution to local investors.

“With over 390 investment professionals and 20 global offices, Allspring has scale and experience alongside a strong investment reputation especially in active fixed income. We’re looking forward to working with Allspring to deliver a core component of well diversified portfolios to our broad network of investors, advisers and institutions.”

Bennelong expects to launch the Allspring Global Income Fund as an Australian Unit Trust in June, offering daily liquidity, and broad access for local investors.

Andy Sowerby, head of the International Client Group at Allspring, said recent market volatility has highlighted the importance of dynamic allocation.

“Allspring’s global income strategy provides broad diversification by actively allocating across the global fixed income universe including the investment grade credit and high yield sectors. Our flexible, dynamic multi-sector approach is different from strategies with more static allocations and fewer exposures, and to strategies managed to three or five-year macroeconomic themes.

“Furthermore, the strategy has delivered resilience in periods of market stress, delivering competitive differentiated performance even throughout disparate and challenging market environments,” he added.

The post Bennelong Funds Management to bring Allspring Global Income Fund to Australia and New Zealand appeared first on AdviserVoice.

“It is essential for advisers to recognise that research houses vary in their approaches to assessing investments and fund managers. Advisers need to investigate deeper than just the fund ratings and consider the underlying methodologies used by research houses, the range of services offered, and the overall fit with their business,” Mr Fechner said.

Research houses can differ significantly in their approach to analysing funds. Some may lean heavily on quantitative data and models, while others place more emphasis on qualitative factors like the experience and philosophy of the investment team.

The size and expertise of the research team, as well as the integration of AI and technology, can also influence the scope and depth of research coverage. Furthermore, Mr Fechner notes that some research houses offer a broader range of services beyond fund ratings, such as asset allocation guidance and tools for building model portfolios and/or managed accounts.

“While noting the key and core item of a research house is in providing fund ratings and reports, differences exist in terms of related services, information and systems that may be available. Some potential clients may only seek or only need a pure fund rating and reports service, while others may find items such as asset allocation insights or advice regarding building model portfolios or managed accounts valuable to their needs and circumstances.

“It is as important to understand your own needs as it is in understanding what is provided by a research house and the ‘how and why’ that sits behind it. Being on top of both sides of this equation will go a long way in helping to provide an outcome that will add value to an adviser’s business,” he said.

Beyond the methodology, Mr Fechner encourages advisers to consider the needs and preferences of their own clients when evaluating reporting styles, recognising that “different reports and structures will resonate with different clients”.

When engaging with research houses, Mr Fechner suggests advisers ask targeted questions to understand their philosophy, approach and points of difference. He also stresses the importance of assessing the alignment between the research house’s offerings and the adviser’s client base.

When deciding which research house to potentially partner with, Mr Fecher said “This is similar to what a research analyst may ask a fund manager when deciding with whom to partner,” he said.

Mr Fechner suggests asking research houses these key seven questions:

1. What is your investment philosophy and research approach?
2. What are your points of difference and competitive advantages?
3. How frequently do you review and update your information and reports?
4. What is the range of services, information, reports and tools you provide?
5. Do you offer flexible subscription options or a complete package?
6. How does access/subscription work, and is it limited to specific individuals?
7. What are your fees and cost structures?

By carefully considering their own needs and thoroughly evaluating potential research partners, advisers can forge a successful partnership that adds value to their business and enhances client outcomes.

“At the end of the day, it’s about marrying up your own needs and client base with what a research house does and can provide, so that your overall offering and service to your client base is improved,” Mr Fechner said.

The post Guidance to advisers on selecting a research house appeared first on AdviserVoice.

Bennelong Funds Management Ltd is now the responsible entity (RE) for the Paragon Australia Long Short Fund. The Fund invests in equities predominantly in the industrial and resources sectors and across global markets. 

Alan O’Brien, relationship manager, trustee services at Bennelong, said partnering with Paragon is a great first step in the company’s outsourced RE capabilities rollout. 

“We’ve been working hard on creating a comprehensive suite of outsourced RE service offerings for investment managers, both domestically and internationally. Being able to officially bring Paragon on board demonstrates our capabilities in this area.

“It’s been great to work with Hillier Deniz and John Deniz from Paragon, in the appointment of Bennelong as the Fund’s RE,” said O’Brien. 

John Deniz, Paragon’s chief investment officer, co-founded Paragon in 2012 and is responsible for executing the Fund’s investment strategy. 

“Working with Bennelong has been a seamless experience so far, and I’m confident this partnership will strengthen our Fund’s operations,” said Deniz. 

“Thank you to our investors for their support in facilitating this change. I look forward to Bennelong being at the helm.” 

Bennelong’s new outsourced trustee service product offers full oversight and compliance responsibilities for managed funds, and other investment products. It will engage with service providers and other stakeholders to ensure comprehensive regulatory and compliance protection, while allowing the investment manager to optimise fund performance. Tailored ancillary services are also available, including investor services and middle office operations.

The post Bennelong welcomes first trustee services client  appeared first on AdviserVoice.

Chris Bedingfield

The incoming Trump administration has raised uncertainty about the outlook for global markets in 2025, particularly around the implementation of Trump’s protectionist policies, according to Bennelong and its fund manager partners Canopy Investors, 4D Infrastructure and Quay Global Investors.

The new US administration’s activities and policy changes will be very important in driving market sentiment in 2025, and will create both opportunities and risks, according to Canopy Investors’ portfolio manager, Kris Webster.

“There remains significant uncertainty about the actual policies that will be introduced, and their ultimate impact, making the outlook for 2025 very uncertain.

“However, based on Trump’s stated policy positions, several domestic US sectors appear well positioned to benefit from his presidency. These include manufacturers, energy companies, and industries targeted for deregulation, for example financials.

“Conversely, certain sectors may face headwinds including global exporters to the US, US importers, and companies with substantial China exposure.

“Markets have already priced in some of these policy expectations, as evidenced by US dollar strength against major currencies. This dynamic has created increasingly attractive valuations for many high-quality stocks in markets outside the US, particularly those with limited exposure to US policy changes.

Mr Webster says a critical uncertainty centres on how these policies might affect inflation and, by extension, interest rates – both of which significantly influence asset prices and highly leveraged companies.

“It’s possible the US government will moderate its policies around taxation, tariffs, and immigration, if inflation picks up again.

“While we don’t make short-term macro or market predictions, it is likely that the policy uncertainty anticipated in 2025 will drive increased market volatility. This environment should create opportunities for active investing, particularly in global small and mid-cap companies, where market inefficiencies tend to be more pronounced,” he says.

For global listed infrastructure, there is likely to be heightened policy noise in the US on what policies are prioritised for actual implementation, according to 4D Infrastructure CIO, Sarah Shaw.

“Most notably, these include the 60 per cent tariff on Chinese goods and a universal 10 to 20 per cent tariff on all other countries. These could have an impact on infrastructure assets, in particular port and rail volumes in both export and import countries, with some volumes pulled forward ahead of the anticipated tariff increases, whilst some export markets will be substituted with other destination markets away from the US.

“Trump is also looking to repeal some aspects of the Inflation Reduction Act (IRA), which may impact the growth outlook of some heavily US renewable focused developers and utilities. This could lead to an ongoing overhang till we see what is exactly implemented.

“This pivot away from renewables and preferring traditional fossil fuels may be positive for north American pipelines if more federal lands are permitted for exploration. An undoing of Biden’s pause of new LNG Export terminals will also help the long-term capital plans of those businesses,” she says.

“Lastly, the proposed policies are inflationary and a reversal in trend of interest rates could be a headwind for US nominal rate utilities which have had an incredibly strong year in 2024”

Elsewhere in the world, Ms Shaw says there are divergent economic outlooks.

“In Europe demand remains soft with interest rate trajectory down. China continues to struggle with a dormant economic outlook, increasing stimulus. In Brazil, growth continues to surprise to the upside with a reversal in the interest rate trajectory.”

Ms Shaw says that this macro uncertainty and geopolitical tensions will create volatility and noise, however by separating the attractive fundamentals of infrastructure from this noise and continuing to invest against the inefficiency of markets, investors can capture future earnings and growth in this asset class.

“Infrastructure offers a unique combination of defensive characteristics and earnings resilience but with significant long-term growth thematics as well as an ability to capture economic cycles.

“The need for global infrastructure investment over the coming decades is clear with five globally relevant and necessary thematics under pinning a multi decade growth story. With governments unable to wholly fund the infrastructure need, there’s a significant opportunity for private investors to tap into this growth story. We can think of no more compelling or enduring global investment thematic for the coming 50 years,” says Ms Shaw.

Chris Bedingfield, portfolio manager at Quay Global Investors, sees a similar mixed story for global real estate assets.

“Investors continue to make the mistake of thinking real estate is interest rate driven but the value in real estate can be found by focusing on thematics not influenced by macros factors or politics.

“The aging population is a thematic we are focused on and 2025 marks the 80-year anniversary of the end of the second world war, meaning that next year, the first of the Baby Boomers will turn 80, an age where many turn to some type of assisted living.

“Retail also continues to look very attractive. The recovery of in-store retail sales since COVID remains well above the prior pandemic trend. We expect good financial results from the best malls in 2025 as landlords continue to mark rents back to economic reality.”

Mr Bedingfield says there are signs that suggest a positive outlook for global REITs.

“Timing the markets is hard. Miss a few good days and long-term total returns can alter significantly. This is especially so for listed real estate.

“History suggests listed REITs run in anticipation of US Fed rate cuts and continue to perform for some time after, and we’ve seen this materialise after the first rate cut in September.

“Moreover, higher building costs is already resulting in a shortage of global real estate, as the development equation does not work. This will simply squeeze future tenants, all the more to the benefit of landlords and investors of REITs,” he says.

The post Mixed market sentiment for 2025 driven by global geopolitics and central bank easing cycles appeared first on AdviserVoice.

Mr O’Brien will be based in Melbourne and report to chief solutions & growth officer, Nicole Hammond.

With over 25 years’ experience in financial services across Dublin and Melbourne, Mr O’Brien will focus on the establishment and ongoing co-ordination of Bennelong’s new trustee services arm.

Bennelong CEO, John Burke, said the appointment is a welcome addition to the team.

“Bennelong’s product offering is expanding, with the business now providing standalone fiduciary services for retail and wholesale funds. We’ve already seen some strong interest from managed funds across the industry.

“We can think of no one better than Alan to lead this new function, bringing an impressive wealth of expertise and knowledge in this area.”

Mr O’Brien recently held the role of senior manager, relationships and oversight, at Equity Trustees, and previously held roles within JP Morgan, BNY Mellon and the Irish Stock Exchange.

“Following a number of years working within the trustee services space, I’m looking forward to the opportunity to build a strong outsourced responsible entity and trustee services offering, with the backing of a well-respected brand like Bennelong,” said Mr O’Brien.

Bennelong’s new trustee service product offers full oversight and compliance responsibilities for managed funds. It engages with service providers and stakeholders to ensure investor protection, while optimising fund performance. Tailored ancillary services are also available, including investor services and middle office operations.

The post New hire to support Bennelong’s trustee services offering appeared first on AdviserVoice.

John Burke

Bennelong Funds Management and Leadenhall Capital Partners have now opened the LCP Insurance Linked Securities Fund for investment.

After announcing the distribution agreement in October last year, the teams have been working to bring the insurance-linked securities (ILS) strategies to institutional investors in Australia and New Zealand.

The Fund provides access to ILS, a unique asset class with historically low correlation to traditional investment markets and economic conditions, offering a valuable opportunity for portfolio diversification.

John Burke, CEO of Bennelong, said it’s an opportune time to bring this to market.

“With insurance premiums increasing globally in recent times, an ILS strategy like this can really benefit investors, as the higher premiums are passed through.

“The Australian market has had limited access to these assets, and the current market environment presents an attractive opportunity.

“Working with Leadenhall’s experienced team to bring this offering to investors has been a pleasure, and we look forward to continue working with them as we distribute the product to our institutional and wholesale investors.”

Lorenzo Volpi, managing partner of Leadenhall, emphasised the strategic significance of the partnership with Bennelong in launching the Fund.

“With Bennelong’s strong local presence and expertise, we believe we can deliver exceptional value to investors.

“This partnership has allowed us to introduce a product that not only diversifies portfolios but also brings innovative investment opportunities to Australia and New Zealand.”

The ILS Fund invests in catastrophe bonds, offering investors access to pure insurance risk for natural catastrophe events such as hurricanes, floods and earthquakes.

The post Bennelong and Leadenhall launch ILS fund in Australia appeared first on AdviserVoice.

John Burke

Bennelong Funds Management has partnered with boutique investment managers Canopy Investors to launch a global small and mid-cap equities fund.

Canopy Investors was formed in 2023 by Kris Webster and Michael Poulsen, who are co-portfolio managers of the Canopy Global Small & Mid Cap Fund^[1]. They have more than 30 years of collective experience investing in listed global equities and have worked together for more than a decade, previously leading the small and mid-cap team at Magellan Asset Management.

The Canopy Global Small & Mid Cap Fund invests in a concentrated portfolio of high quality and attractively priced small and mid-cap listed companies, with balanced exposures across a range of sectors and regions.                                                  

Bennelong CEO John Burke says the partnership brings a new, attractive asset class to Bennelong and its investors.

“There is no doubt that Kris Webster and Michael Poulsen are high-calibre investment managers. Their experience and track record in managing global equities created an outstanding opportunity to bring a great team and fund to our clients, and Australian investors more broadly.

“We believe there are great opportunities in the small to mid-cap market in the current environment. The fund offers diversification away from an increasingly concentrated global large-cap index. This is an opportune time to launch a partnership with a specialist and experienced team of investment managers.

“As a business, our approach is to partner with high quality boutique asset managers and bring high-grade investment product to the Australian market.

“By providing distribution, administration and business support, we allow our partners to focus on what they do best – manage money.”

Mr Webster says that while Australian investors have dozens of options to access large-cap global listed equities, there are far fewer opportunities to invest in a portfolio of high-quality smaller global companies.

“By allocating to small and mid-cap companies, investors benefit from a broader range of opportunities and greater diversification. The global index is increasingly concentrated in the largest companies – the largest 200 companies represent about two-thirds of the most commonly referenced global index – and most global equities strategies are naturally focused on these stocks. We think such a focus ignores incredible opportunities among the more than 5,000 smaller global listed companies, many of which are very high-quality businesses and have strong and aligned management.

“Smaller companies also offer the potential for strong returns, as seen historically. These companies typically have longer growth runways than larger companies, and mispricing is more likely to occur and persist, given that they often attract less investor focus than their larger counterparts.” 

Mr Poulsen says the name ‘Canopy’ connotates forest canopies, symbolising growth and protection, which aligns with the firm’s investment goals for its clients.

“Canopies are also rich in diversity, similar to the global small and mid-cap universe in which we invest. 

“The fund will only invest in high-quality companies with demonstrable competitive advantages, aligned management, strong financial results, and favourable ESG characteristics. Quality companies have been shown to outperform over time, and this is especially true among smaller companies.

“We are long-term investors, and conduct in-depth fundamental research to uncover high-conviction investment ideas. Our team is highly collaborative, having worked directly together for many years. We have implemented the latest software and systems, coupled with our proprietary data and processes, to build a balanced best ideas portfolio.

The post Bennelong partners with Canopy Investors to launch global small & mid-cap fund appeared first on AdviserVoice.