All Star, together with Ventura, is the funds management arm of Centrepoint Alliance Ltd, a diversified financial services organisation listed on the ASX.  The Ventura funds are multi-manager, multi-asset investments, while the All Star funds represent high alpha, single manager funds in a core and satellite approach. 

Harvey Kalman, head of EQT corporate fiduciary & financial services, said that with the ever-more complicated regulatory environment, he is seeing a significant trend in fund managers reverting to independent REs. 

“It is becoming too difficult for fund managers that are not owned or supported by large financial institutions to remain on top of the duties required of REs. 

“Specialist and niche fund managers are quite rightly focused on asset management and distribution and are finding regulatory matters an ever-growing distraction. 

“There is also increasing recognition that having an external RE brings a number of other benefits, such as controlling costs and removing potential conflicts of interest,” he said. 

Kate Mulligan, managing director of Ventura and All Star Funds, agreed that the regulatory environment is bringing additional pressure on the operations of fund managers. 

“After a lengthy review, we decided to outsource our RE functions which we previously managed internally, and appoint EQT as independent RE. 

“We decided that this approach made our funds even more attractive because of the increased investor protection inherent in an external RE capability,” she said. 

Mr Kalman added that EQT has been appointed responsible entity for five funds by another manager in the last two months, and he is in advanced discussions with a number of other fund managers who are interested in EQT’s RE services. 

“Our goal is to be the partner of choice for fund managers seeking external RE services,” he said. 

The Ventura funds that now use EQT as responsible entity are:

• All Star KFM Income Fund
• All Star Maple-Brown Abbott Listed Property Fund
• All Star IAM Australian Share Fund
• All Star IAM Small Companies Fund
• Ventura Conservative Fund
• Ventura Diversified 50 Fund
• Ventura Growth 70 Fund
• Ventura Growth 90 Fund
• Ventura High Growth 100 Fund
• Ventura Australian Shares Fund
• Ventura Australian Opportunities Fund
• Ventura International Shares Fund

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Stephen Nicholls, from Netwealth, said that the conservative approach of Maple-Brown Abbott (MBA) was a contributing factor in the decision to include the Fund on the Netwealth platform, “Particularlyat times of market volatility such as now, it is important for investors to have access to well-known managers with a solid and consistent track record,” said Nicholls, “With increasing adviser demand in this space and difficult market cycles, we sought a quality offering.”

Financial adviser, Steven Pugh, attributes the attraction of MBA’s listed property capability to the stability and experience of the team, commenting that “advisers can feel confident that their clients are in safe hands.”

Maple-Brown Abbott portfolio manager, Charles Dalziell, leads the Listed Property team managing the Fund. This capability has been part of the MBA stable for more than 24 years, but has not before been available to the public as a stand-alone capability.

 The All Star Maple-Brown Abbott Listed Property Fund was launched late last year; Mulligan is delighted with recent levels of adviser interest:
“We’re seeing renewed interest in this asset class. Maple-Brown Abbott’s conservative approach resounds with advisers, particularly in light of the impact of the GFC on this sector and recent market volatility.”

The Fund, which has a rating of “Recommended” by Zenith and “Investment Grade” by Lonsec, is currently available on the following platforms for both investments and super/pensions: IX (PIS badged platform); Mentor (PIS badged platform); BT Assemble (PIS badged platform); BT Wrap; Navigator and Netwealth.

*The Lonsec Limited (“Lonsec”) ABN 56 061 751 102 rating (assigned March 2011) presented in this document is limited to “General Advice” and based solely on consideration of the investment merits of the financial product(s). It is not a recommendation to purchase, sell or hold the relevant product(s), and you should seek independent financial advice before investing in this product(s). The rating is subject to change without notice and Lonsec assumes no obligation to update this document following publication. Lonsec receives a fee from the fund manager for researching the product(s) using comprehensive and objective criteria.

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“Advisers have told us that listed property is a cornerstone of their client’s defensive portfolios.” says Mulligan. “We’re delighted that Zenith has formally recognised MBA’s track record and expertise in this asset class with a rating of Recommended.”

Maple-Brown Abbott’s Listed Property Fund capability is managed by Charles Dalziell and Dougal Maple-Brown utilising MBA’s time-proven value-driven, team approach to identify stocks representing strong relative value. However, this capability has never before been available to the retail market.

Tim Hordern, Head of Business Development for Maple-Brown Abbott said, “We are delighted to be offering our listed property capability in the retail market through All Star Funds, and have selected them for their expertise and reach in that market.”

All Star Funds, which was established in July 2007, was conceived to provide high alpha capabilities which would otherwise not be available to the retail market.

“For the past three years we have focussed on getting our “core” funds settled. This new capability has been designed to meet the demands of advisers for a reliable, conservatively managed LPT” said Mulligan. She continued, “We understand from our conversations with advisers that there is a real need for additional solutions in this space.”

Mulligan believes the new capability will complement All Star’s existing Funds, the All Star IAM Australian Share Fund (managed by Independent Asset Management), the All Star KFM Income Fund (managed by Kaplan Funds Management, an absolute return manager focussed on income producing strategies) and the latest Fund to join the All Star ranks, the All Star Nomura China Fund (managed by Nomura Asset Management, a conservative manager with proven expertise in this market).

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“Hitting the three year mark is an important milestone for All Star and for this Fund, as it provides financial advisers with a track record to support them in recommending the Fund to investors,” said Mulligan.

“This, our flagship fund has been running since July 2007, and like our other core offerings provides access to premium managers not previously accessible to the Australian retail market.” All Star Funds was conceived to provide high alpha capabilities, which would otherwise not be available to the retail market.

Portfolio manager for the All Star IAM Australian Share Fund, Greg Matthews (Independent Asset Management Pty Ltd (IAM) established in 2001), has extensive industry experience at the highest levels. Mulligan credits Matthews’ success partly in being across all aspects of the market, in order to make informed decisions.

“When we select a manager, we look for consistent out-performance, irrespective of market cycle. IAM has proven that it can do this. Managing downside risk is also important so that you can lock in the gains. Greg’s team looks at the portfolio holistically, and manages the risk as well as the return. Advisers have told us that they are delighted with the experience their clients have had as investors in the Fund.”

Matthews and his team have long-standing experience together; some of them having worked together for 20 years.

The Fund has delivered 2.6% above benchmark on an annualised basis since inception.

The Fund’s stable-mate, the All Star Income Fund fared well through the volatility of the GFC, delivering “a high yield and a strong dividend stream with complete liquidity,” said Mulligan.

As at the end of July, the Fund’s running yield is 7.3% inclusive of franking credits, which compares favourably with official interest rates of 4.5%.

This Fund is managed by Kaplan Funds Management, an absolute return manager focussed on income producing strategies, which was established in 1998.

The latest Fund to join the All Star ranks, the All Star Nomura China Fund presents a risk-controlled opportunity for investment in China. It is managed by Nomura Asset Management, a conservative manager with proven expertise in this market.

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