Andrew Godfrey

Equity Trustees has been appointed Responsible Entity for the new River Capital High Conviction Fund, marking the beginning of an exciting new partnership with River Capital, a multi asset investment firm.

The Fund, available to institutional and wholesale investors directly, and to retail investors via platforms provides access to a focused portfolio of typically 15–20 high-quality listed companies, combined with the flexibility of daily liquidity. It aims for long-term capital growth by investing in the Investment Manager’s highest-conviction ideas, guided by a disciplined, valuation-driven approach and active engagement where appropriate. The Fund seeks a total return of RBA Cash Rate + 5% per annum, net of fees and including annual distributions.

Andrew Godfrey, Executive General Manager of Corporate and Superannuation Trustee Services at Equity Trustees, said: “We’re pleased to be partnering with River Capital to introduce this strategy to investors across Australia. The partnership reflects the growing appetite for high-conviction investment strategies, underpinned by the strength and experience of a trusted Responsible Entity. Our role is to provide a rigorous operational and regulatory framework, enabling River Capital to focus on what it does best – identifying and actively managing compelling investment opportunities.”

The Fund’s key features include a concentrated portfolio of listed equities, underpinned by active engagement with company management and boards where appropriate. This focused approach enables deeper insight into each holding, timely portfolio adjustments, and investment theses to be fully realised over time. It also positions the Fund to take advantage of marketing inefficiencies or mispricing while managing short-term market volatility. Material personal investments by the Principals, Investment Committee and investment team across River Capital Funds further supports the alignment of interests with investors.

Akshay Chopra, Portfolio Manager at River Capital, said: “At River, we approach risk differently; we see risk as the potential for permanent capital loss, the failure to compound capital, or missing on stated investment objectives. Our investment approach is to target opportunities, where intrinsic value materially exceeds market price and creates an asymmetric return profile. River Capital High Conviction Fund portfolio invests in our highest-conviction ideas – companies with mispriced value and cashflows, high quality growth businesses, and businesses trading below asset backing.”

Founded over 30 years ago, River Capital is a boutique investment manager specialising in Australian and New Zealand equities. The firm combines fundamental research, active engagement, and a valuation-driven approach to help clients achieve long-term investment outcomes.

Andrew Godfrey concluded: “As Responsible Entity, we are committed to maintaining the highest standards of governance and compliance, and we’re proud to support River Capital in bringing a high-quality, concentrated equity investment strategy to investors.”

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Andrew Godfrey

Equity Trustees has partnered with Blackwattle Investment Partners as Responsible Entity for the newly launched Blackwattle Equity Income Fund. This continues a partnership that has seen six funds brought to market since the investment manager commenced operations in 2023.

The Blackwattle Equity Income Fund offers access to an actively managed Australian equity income strategy focused on delivering consistent income across market cycles. Investing in listed Australian equities beyond traditional dividend-paying stocks, the strategy also utilises equity options to help generate regular income through a range of market conditions.

Andrew Godfrey, Executive General Manager of Corporate and Superannuation Trustee Services at Equity Trustees, said: “This partnership builds on our established relationship with Blackwattle and reflects the confidence we have in their investment capability and disciplined approach. We are pleased to support the launch of the Blackwattle Equity Income Fund and to continue working with a well established Australian fund manager that shares our commitment to strong governance, risk management and positive investor outcomes.”

The Fund is constructed with a strong focus on risk awareness and income resilience, using active portfolio management and options strategies to help moderate volatility and manage downside risk while maintaining exposure to Australian equity markets.

Michael Skinner the Managing Director and CIO at Blackwattle, said: “We believe that Australia is shifting from saving to spending, for the growing retiree market, the next decade is about consistent and secure income that you can live on.”
“Our Equity Income Fund is built to generate resilient income, not chase it – combining dividends, franking credits and option premium income to target 6-12% p.a. while managing downside risk.”
Rudi Minbatiwala, Portfolio Manager of the Fund, stated:

“The retirement ask is clear: high income that is sustainable, stable, and accessible. That’s the design brief behind our strategy.”
“Our Blackwattle Equity Income Strategy allows us to own high-quality companies first, then shape and enhance the outcome with options – aiming for steadier distributions at lower risk.”

Blackwattle Investment Partners is a new generation, Australian investment manager, that centres its investment philosophy on a quality approach to investment management. With over 225 years of combined experience and A$15 million in personal capital commitment, Blackwattle seeks to differentiate itself through investment excellence, transparency, and governance.

Andrew Godfrey concluded: “We look forward to continuing our partnership with Blackwattle as they expand their product offering, and to supporting investors through a structure that combines active management with strong oversight and governance.”

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Andrew Godfrey

Increased investor demand for predictable income streams at competitive yields has recently seen several listed debt offerings come to the Australian market.

New York US-based alternative investor, Stonepeak, has partnered with Equity Trustees as Note Trustee for its listed infrastructure debt note, the Stonepeak-Plus INFRA1 Note, which is issued by Stonepeak-Plus Infra Debt Limited and listed on the Australian Securities Exchange today under the ticker code ASX:SPPHA.

The Stonepeak listed note aims to provide Australian investors with a fixed term investment with monthly interest payments paid from the proceeds of a diversified portfolio of credit exposures underpinned by Stonepeak’s infrastructure investments. Stonepeak is the world’s largest independent infrastructure and real-assets alternatives manager, with more than US$115 billion in assets under management (AUD$176bn).

Andrew Godfrey, Executive General Manager of Corporate and Superannuation Trustee Services at Equity Trustees, said: “We are pleased to partner with Stonepeak on the launch of this listed note in the Australian market”.

He noted the listing comes as the APRA (Australian Prudential Regulation Authority) phases out hybrid banking notes (‘Additional Tier 1’ capital instruments) by 2032. Offerings such as Stonepeak’s may provide an alternative for income-focused investors seeking uncorrelated returns.

Mr Godfrey added: “Equity Trustees has been appointed as note trustee for four of the listed notes now available on the Australian Securities Exchange, including notes for Challenger, Dominion, MA Financial and now Stonepeak.”

Andrew Robertson, Senior Managing Director and Head of Australia and New Zealand Private Credit at Stonepeak, said: “The Stonepeak-Plus INFRA1 Note aims to provide Australian investors access to regular monthly income generated primarily through a curated portfolio of high-quality infrastructure debt assets. Debt will be sourced predominantly from critical infrastructure assets in the transportation and logistics, energy and energy transition, digital, and social infrastructure sectors in Australia, New Zealand and other markets.”

He added that Stonepeak had already secured over AUD$300 million in cornerstone commitments for the Stonepeak-Plus INFRA1 Note, reaching its target and reflecting strong initial demand.

Mr Robertson noted: “Infrastructure businesses have historically exhibited lower default rates compared to corporate debt, making infrastructure debt an especially powerful portfolio diversification tool for investors due to its stable and predictable nature. However, infrastructure debt has been historically challenging for retail investors to access. Stonepeak aims to solve this by providing the opportunity for a range of investors.”

Andrew Godfrey concluded: “We are proud to support Stonepeak in introducing this new listed structure, which expands investor access to diversified credit opportunities.”

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Eduardo Repetto

Avantis Investors, an AU$133 billion^[1] investment offering from the AU$454 billion^[2] global asset manager American Century Investments®, is entering the Australian market with the launch of its first three dual access exchange-traded funds (ETFs): Avantis Small Cap Value Active ETF (AVTS), Avantis Global Equity Active ETF (AVTG) and Avantis Emerging Markets Equity Active ETF (AVTE).

All three new active ETFs seek long-term capital appreciation through investment in actively managed portfolios managed by one of the fastest growing active ETF providers in the U.S.

Many Australian investors have been interested in Avantis since we launched six years ago. We are thrilled to now have our investment solutions available in Australia,” said Eduardo Repetto, Avantis Investors CIO on behalf of American Century.

“Our goal is to provide low-cost, broadly diversified active solutions that empower financial professionals to create value for their clients. These dual access vehicles offer eligible investors the flexibility to choose what’s right for them and their clients. Each strategy can be accessed by ETF or managed fund.”

Avantis solutions seek to combine many of the potential benefits of index investing with the potential for added value by considering expected returns^[3] each day. It’s the parts of passive that make sense with the parts of active that can make a difference.

The estimated management fees and costs for the new Avantis funds are the following:

• Avantis Global Equity Active ETF — estimated management fees and costs of 0.30% p.a.^[4]
• Avantis Emerging Markets Equity Active ETF — estimated management fee and cost of 0.45% p.a.^[4]
• Avantis Global Small Cap Value Active ETF — estimated management fee and cost of 0.49% p.a.^[4]

These new Avantis funds build on the seven-year presence of American Century Investments in Australia.

“Bringing Avantis Investors to Australia is an important milestone for our business in the region. Our team in Sydney is excited to broaden the scope of our offering to professional investors across Australia,” said Tom Clapham, Head of APAC for American Century Investments. 

Partnership brings new dual access active ETFs to Australia’s market

Working in partnership with one of Australia’s leading specialist trustee companies, Equity Trustees, the Avantis active ETFs are listed on Cboe Australia, a subsidiary of Cboe Global Markets, Inc., one of the world’s leading derivatives and securities exchange network.

“The launch of Avantis Investors first three ETFs on Cboe Australia marks an exciting milestone for certain local investors, further broadening access to innovative investment opportunities. This product exemplifies our commitment to reshaping the ETF landscape through cutting-edge technology and exceptional client service,” said Emma Quinn, President of Cboe Australia.

“We are proud to expand our long-standing partnership with American Century through the launch of these three new Avantis ETFs,” said Andrew Godfrey, Executive General Manager of Corporate and Superannuation Trustee Services at Equity Trustees.

“As Responsible Entity, we are committed to providing strong governance and compliance, enabling American Century to confidently deliver their Avantis investment strategies to investors.”

Avantis Investors is owned by American Century Investments, an asset manager with a reputation for client care, stewardship and stability—bringing scale and allowing long-term focus. Through American Century’s relationship with the Stowers Institute for Medical Research, investments with Avantis help support research that can improve human health and save lives. Since 2000, American Century’s dividends distributed to the Stowers Institute have totalled more than $2 billion.

——–

Notes:
[1] Assets under supervision as of 9/19/25. Source: American Century Investments
[2] Ibid.
[3] Expected Returns: Valuation theory shows that the expected return of a stock is a function of its current price, its book equity (assets minus liabilities) and expected future profits, and that the expected return of a bond is a function of its current yield and its expected capital appreciation (depreciation). We use information in current market prices and company financials to identify differences in expected returns among securities, seeking to overweight securities with higher expected returns based on this current market information. Actual returns may be different than expected returns, and there is no guarantee that the strategy will be successful.
[4] Estimated Management fees and costs comprise management fees and indirect costs. Certain additional costs may apply, including a buy-sell spread in relation to cash applications and redemptions made via the off-market access point. Please refer to the Product Disclosure Statement which contains further information on fees and costs, including a breakdown of management fees and costs amount applicable and additional information about the buy-sell spread.

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Andrew Godfrey

Equity Trustees is proud to be partnering with Challenger, as Note Trustee for the first-of-its kind, listed, unsecured investment vehicle, Challenger IM LiFTS 1 Notes (Challenger IM LiFTS).

Challenger IM LiFTS will provide Australian investors with a fixed term investment with monthly interest payments paid from the proceeds of a diversified portfolio of credit exposures managed by Challenger Investment Management (Challenger IM). The underlying portfolio is expected to comprise more than 100 credit exposures across private and public markets.

Andrew Godfrey, Executive General Manager of Corporate and Superannuation Trustee Services at Equity Trustees, said: “We are pleased to partner with Challenger IM on the launch of this pioneering investment structure in the Australian market. As a highly regarded credit manager with deep expertise across credit markets, Challenger IM shares our commitment to delivering innovative, high-quality investment opportunities for Australian investors.”

Victor Rodriguez, Chief Executive, Funds Management at Challenger, said: “The launch is aligned with Challenger’s long-term growth plans and commitment to investment excellence. This is a strategic milestone for Challenger, and we’re thrilled to be working with Equity Trustees to launch this innovative, first-of-its-kind note structure to the Australian market. It builds on our 20 years of experience investing in public and private credit and reflects our commitment to growing our listed retail presence with institutional grade income-focused solutions.”

“With the growing demand for private credit, Challenger IM LiFTS aims to provide access to this asset class via an ASX-listed fixed term debt security.  We were pleased with the overwhelming interest we received during the offer period and closed at the maximum raise amount of $350 million, demonstrating strong market appetite for this product,” he said.

Andrew Godfrey concluded: “As Note Trustee, our role is to ensure the Challenger IM LiFTS operate to the highest standards of governance and compliance. We are proud to support Challenger in introducing this new listed structure, which expands investor access to diversified credit opportunities.”

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Andrew Godfrey

Equity Trustees is proud to be partnering with Loftus Peak as the Responsible Entity for the Loftus Peak Global Disruption Hedged Active ETF (ASX:LPHD), a currency hedged version of its flagship product, the Loftus Peak Global Disruption Active ETF.

The Loftus Peak Global Disruption Hedged Active ETF, launched on 1 July 2022 as an unlisted fund, is now available with dual access, providing investors with the flexibility to invest via the ASX or unlisted by way of the Fund’s administrator. With underlying investments predominantly denominated in US dollars, the Fund provides a solution to managing foreign currency exposure while maintaining exposure to compelling global growth opportunities.

Andrew Godfrey, Executive General Manager of Corporate and Superannuation Trustee Services at Equity Trustees, said: “We are proud to support the launch of the Loftus Peak Global Disruption Hedged Active ETF on the ASX. The addition of this active ETF broadens the options available to investors, offering share market access to an established global equities strategy.”

Rick Steele, Chief Executive of Loftus Peak said: “Loftus Peak remains at the forefront of investing in businesses that are disrupting traditional industries and capturing market share in the global economy. We are committed to offering investors exposure to high quality companies benefiting from long-term structural trends. Given the underlying investments of the Fund are exposed to foreign currencies, primarily the US dollar, the Loftus Peak Global Disruption Hedged Active ETF provides share market investors a strategic way to achieve a minimised currency risk, while participating in a growth opportunity.” “This launch means we now offer the full suite of product across our global disruption strategy; currency hedged or unhedged and each accessible by way of the ASX or the Fund’s administrator.”

Loftus Peak is a specialist global equities investment manager with over $1.1 billion in funds under management. The firm applies a high-conviction investment strategy with a disruption overlay, targeting companies reshaping industries worldwide. Combining disciplined valuation through a discounted cash flow framework with active risk management, Loftus Peak delivers exposure to quality, large-cap businesses that can benefit from long-term structural trends. The experienced investment team integrates environmental, social and governance considerations into its decision-making, aiming to provide investors with sustainable, long-term value.

Andrew Godfrey concluded: “Our extended partnership with Loftus Peak reflects a shared commitment to providing the Australian market with high-quality, market leading funds, while ensuring operational excellence for investors.”

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Andrew Godfrey

Equity Trustees has been appointed Responsible Entity for the newly launched T. Rowe Price Global Structured Research Equity Fund in Australia, continuing a long-standing partnership that has seen more than 10 funds established over 18 years.

T. Rowe Price introduced its Global Structured Research Equity Strategy to the Australian market available either as a hedged or an unhedged exposure to offer a differentiated global equities solution. The actively managed strategy harnesses the stock-selection skills of the firm’s renowned global research platform to provide Australian investors with diversified exposure to the core segment of the global equity market.

Leveraging the insights of the T. Rowe Price’s 70 experienced global equity analysts, the strategy aims to offer a low tracking error alternative to passive equity allocations, providing benchmark-like volatility and risk characteristics with the added opportunity for long-term capital appreciation. With a diversified portfolio of 750 to 1,000 stocks, it seeks to consistently perform across different market environments with less exposure to extreme style or sector leadership changes.

Andrew Godfrey, Executive General Manager of Corporate and Superannuation Trustee Services at Equity Trustees, said: “We are proud to support the launch of the T. Rowe Price Global Structured Research Strategy as Responsible Entity in Australia. This is a sophisticated fund structure, and we are pleased to bring our experience and oversight to a global manager that shares our commitment to long-term outcomes for investors.”

Darren Hall, Head of Australia and New Zealand at T. Rowe Price, said: “We value the role that Equity Trustees plays in helping us deliver high-quality, institutionally robust fund structures to the Australian market. Their expertise in administrating complex structures and ensuring governance rigour allows us to focus on what we do best, delivering long-term value through active management.”

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Andrew Godfrey

Australian based global equity manager Talaria Asset Management has partnered with Equity Trustees as the Responsible Entity of its three global equity funds – the dual access Talaria Global Equity Fund Complex ETF (Cboe:TLRA), the Talaria Global Equity Fund Currency Hedged Complex ETF (Cboe:TLRH), as well as the Talaria Global Equity Fund – Foundation units.

Andrew Godfrey, Executive General Manager of Corporate and Superannuation Trustee Services at Equity Trustees, said: “We are proud to be partnering with Talaria as they continue to offer investors their differentiated approach to global equity investing. Our role as Responsible Entity is to ensure strong governance and compliance, supporting Talaria in delivering their investment strategy with confidence.”

Jamie Mead, CEO at Talaria, said: “Talaria is delighted to be partnering with Equity Trustees, one of Australia’s largest specialist trustee companies, as its new Responsible Entity. We’re looking forward to the enhanced capability and user experience that Equity Trustees can offer our business.”

“Talaria’s bottom-up research focus, combined with track record of delivering investors multiple sources of return with less downside capture and low volatility has never been more important as they try to navigate through the current market uncertainty.”

The Talaria Global Equity Funds provide international equity exposure through a strategy that incorporates options to manage volatility and enhance returns. Designed for investors seeking both consistent income and capital appreciation, the funds aim to grow real wealth while managing risk.

Talaria Asset Management is a specialist global equity manager and collectively oversees more than $2.5bn in assets. The firm is a carbon neutral organisation, a signatory to the UNPRI and a member of the Alternative Investment Management Association (AIMA).

Andrew Godfrey concluded: “Ensuring that funds meet regulatory, and compliance obligations is paramount, and responsible entity services are a vital component in achieving this.”

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Frank Danieli

Global alternative asset manager MA Financial Group has partnered with Equity Trustees as the Responsible Entity and Custodian for its newly launched MA Credit Income Trust (ASX: MA1), the organisation’s first private credit fund which will list on the ASX on Wednesday 5 March 2025.

“The MA Credit Income Trust exemplifies the strength of collaboration between innovative asset managers and experienced Responsible Entities and Custodians,” said Andrew Godfrey, Executive General Manager of Corporate and Superannuation Trustee Services at Equity Trustees.

“We are proud to support MA Financial in bringing this investment opportunity to market and remain dedicated to delivering excellence in trustee services.”

Frank Danieli, Managing Director and Head of Credit Investments & Lending at MA Financial, said: “The launch of the MA Credit Income Trust is a pivotal moment for MA Financial as we continue to build our presence as a leading private credit asset manager. We are proud to be partnering with Equity Trustees, for Responsible Entity and Custodian Services, providing a new way for investors to access our flagship private credit strategies. The Fund has attracted strong interest from investors and introduces asset-backed lending as an essential and innovative element in the private credit landscape.”

The Fund offers investors access to a large, diversified portfolio of MA Financials’ flagship private credit strategies which have delivered consistent returns and outperformed traditional benchmarks for fixed income investments since inception.

MA Financial Group is a global alternative asset manager specialising in private credit, real estate, and hospitality. The firm invests and manages A$9.9 billion on behalf of clients, has A$128 billion in managed loans, and has advised on over A$120 billion in advisory and equity capital markets transactions.

Andrew Godfrey concluded: “Custody and responsible entity services are key requirements for fund managers to ensure the Trust meets its regulatory and compliance obligations.”

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Andrew Godfrey

Realm Investment House, an Australian-based credit and fixed income manager, has partnered with Equity Trustees as the Responsible Entity for its newly launched Dominion Listed Income Trust 1 (ASX:DN1).

Andrew Godfrey, Executive General Manager of Corporate and Superannuation Trustee Services at Equity Trustees, said: “Our role as Responsible Entity is to support Realm with their first listed income trust offering and ensure the Trust meets its regulatory and compliance obligations.”

Broc McCauley, Partner, Head of Distribution at Realm Investment House, said: “The launch of the Dominion Listed Income Trust 1 represents an exciting milestone for Realm as we broaden our offerings to reach a wider range of investors. Partnering with Equity Trustees, a trusted leader known for their integrity and expertise as a Responsible Entity, was a natural choice for this innovative fund.”

The Dominion Listed Income Trust 1 provides investors with access to a diversified portfolio of public and private credit and fixed income assets. Designed to deliver consistent risk-adjusted returns, the Fund emphasises liquidity, and a robust governance framework, offering institutional and retail investors the opportunity to participate in high-quality private credit opportunities.

Realm Investment House is an Australian-based asset management firm specialising in credit and fixed income markets. With a disciplined investment process, a commitment to client outcomes, and over A$7.5 billion in assets under management, Realm has established itself as a leader in delivering value across market cycles.

Andrew Godfrey concluded: “We are proud to support Realm and remain dedicated to delivering excellence in trustee services.”

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