Andrew McKinnon

Tribeca Investment Partners (Tribeca) is pleased to announce that the shareholding of Grant Samuel Funds Management (GSFM) has been acquired by Tribeca executive management effective from June 8, 2018.

Tribeca is an Australian-based boutique fund manager offering strategies across Australian smaller companies, long/short Australian equities and global natural resources.

After the buy-back of the equity stake, Tribeca will be 100 per cent owned by its management executives.

GSFM’s distribution arrangements with Tribeca will remain unchanged, with GSFM continuing to offer the Tribeca Alpha Plus and Tribeca Smaller Companies funds to Australian investors.

Andrew McKinnon, executive chair of GSFM, said: “GSFM acquired its equity stake in Tribeca in May 2008, and 2018 marks 10 years of a successful partnership.

“Over the past decade Tribeca’s funds under management have grown from $660 million to $2.2 billion, which is a testament to the success of our partnership.

“Our retail distribution partnership with Tribeca will remain unchanged by the sale, and we will continue to work closely with the Tribeca investment team to continue building on their success in the Australian market,” Mr McKinnon said.

David Aylward, CEO of Tribeca said: “The Tribeca management team is very pleased to take on 100 per cent ownership of the business, as we enter the next phase of our growth and development.

“GSFM’s model of marketing funds managed by high calibre local and international managers to the Australian market has been very important for us over the past decade and helped build our business to the size and scale that enables us to take this next step”.

Doug Bartlett, chief executive officer of the Grant Samuel Group, and Andrew McKinnon, will step down from the Tribeca board on the completion on the sale.

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Andrew McKinnon

CI Financial Corp. (CI) has agreed to purchase an 80 per cent stake in Grant Samuel Funds Management (GSFM). The transaction is expected to close on or about 15 November 2016.

CI is a diversified wealth management firm with assets under management of CAD$112.2 billion (as of 31 October, 2016). Based in Toronto, it offers a wide range of investment products and services, including a broad selection of portfolio management teams and mandates.

It will acquire the stake previously held by corporate advisory firm Grant Samuel, which established the funds management business in 2007. For the time being the business will continue to operate under the name GSFM.

Andrew McKinnon, chief executive officer of GSFM, said: “With this transaction, GSFM gains the backing of an accomplished asset management and distribution firm that is one of the largest investment fund companies in Canada.

“The CI business model is similar to the GSFM model and the two businesses are culturally aligned.

“CI initially approached GSFM as a potential distribution relationship but during negotiations found a partner who could help accelerate its efforts in Australia.

“The move will allow GSFM to continue to develop and further build upon its already strong client relationships for its existing partners – Epoch, Tribeca, Payden & Rygel and Triple 3 – in the institutional and retail markets.

“The transaction also opens up further opportunity to expand the number of solutions we are providing to our clients in the Australian market.”

Doug Bartlett, chief executive officer of  the Grant Samuel Group, said that while the company had no previous intention to sell its stake, it decided that this was the best course for both businesses in the long-term.

“After being approached by CI Financial, we decided that the more logical long-term partner for GSFM was one whose core business is asset management and distribution.”

Peter W Anderson, chief executive officer of CI, said: “CI has been looking for an opportunity to further expand outside Canada, and Australia was identified as an attractive market, with strong organic growth and a sophisticated investor base.

“We are very excited to partner with a well-established firm led by an experienced and highly regarded management team.

“This acquisition aligns CI with a proven competitor in one of the world’s fastest-growing pension markets, and is a significant new platform for CI as it expands its presence in global markets.”

Under the transaction agreement, current GSFM executives will retain a 20 per cent stake in the company. The existing GSFM team will remain in place, including executives CEO Andrew McKinnon, Head of Distribution Damien McIntyre and COO Peter Nichols, and the existing team will continue to manage all aspects of the company.

Mr McKinnon said that for its asset management partners and investors it would continue to be business as usual.

“GSFM will maintain its approach of only partnering with asset management businesses that don’t compete with its existing partners, and that it believes offer differentiated strategies for Australian investors.”

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Simon Ho

The Triple3 Volatility Advantage Fund has been named the Lonsec Innovation Award Winner for 2015 at the 13th annual SuperRatings Fund of the Year Awards.

The Lonsec Awards highlight and recognise excellence in the industry. To choose the winners Lonsec uses a mix of qualitative and quantitative measures to identify high achieving funds managers and investment products that stand out from their industry peers.

The Lonsec Innovation Award aims to identify funds which stand out from the pack – particularly those which have tackled investment solutions from a different angle than most peers, or are simply doing it better or more efficiently.

Simon Ho, CEO of Triple3 Partners, says the Triple3 Volatility Advantage Fund aims to generate long-term absolute returns with its volatility-focused strategy to capture alpha from highly liquid exchange-traded VIX options, which are negatively correlated to equities.

“With volatile markets set to continue to challenge investors, the Triple3 Volatility Advantage Fund fills an important gap in the market – that of real and sustained portfolio diversification.

Andrew McKinnon CEO of Grant Samuel Funds Management, which distributes the fund in the Australian market, says the award is recognition of the success of the Fund’s investment approach.

“Simon Ho and his team have spent six years developing their volatility strategy, including the quantitative forecasting techniques and portfolio algorithms that underpin the strategy used in the Triple3 Volatility Advantage Fund. This award is a vindication of the success of that model, and the innovative nature of the fund.”

Triple 3 Partners was established in 2009 to provide volatility strategies to institutional clients, including alpha strategies, volatility overlay and volatility research. In addition to a role as an investment manager, Triple3 is a dedicated volatility research house and sells its research to professional investors as well as consulting to stock exchanges around the world.

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Reporting to Mr Andrew McKinnon, chief executive officer, and Mr Damien McIntyre, head of distribution, Ms Lee’s appointment reflects GSFM’s intention to further invest in its institutional business, reflecting its commitment to its fund manager partners.

Ms Lee will focus on marketing the investment strategies of GSFM’s four local and international fund manager partners – Epoch Investment Partners (global equities), Payden & Rygel Investment Management (global fixed income), Tribeca Investment Partners (Australian equities) and Triple 3 Partners (managed volatility), to institutional investors.

“Among our four partners, we have funds under management of $5.7 billion, made up of $3.85 billion from institutional clients and $1.85 billion from retail clients,” Mr McKinnon says.

“With two thirds of our funds under management coming from institutional clients, it is imperative that the level of commitment given to our partners continues to be consistent with our business development goals.

“Vivienne’s appointment will help ensure we are constantly in front of, and servicing, clients and prospects at the institutional level, be it with industry superannuation funds, government institutions or corporate superannuation funds, as well as the asset consultants who advise them,” Mr McKinnon says.

Ms Lee has over 20 years experience in the financial services industry, and has held senior positions for Perennial Investment Partners and has also worked for BT Funds Management, State Street Australia and Westpac Financial Services.

Mr McIntyre says Ms Lee’s skillset aligns with GSFM, and her established relationships with industry leaders across Australia are a testament to her prior success in the industry.

“Vivienne is a very experienced business development manager with established relationships across the spectrum, having achieved a solid grounding in custody and institutional funds management over the past two decades,” Mr McIntyre says.

“Vivienne has experience in working across a number of different asset classes for some of Australia’s top fund managers,” Mr McIntyre says.

Ms Lee holds a MBA and a Management Development Certificate from the Mt Eliza Business School – University of Melbourne and is PS146 qualified.

She is also a board member for the investment committee of the Uniting Church in Australia.

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