The committee will provide independent governance and oversight of the asset allocation, portfolio construction and fund selection processes underpinning the FinCap Platform, which is designed to give financial advisers and wholesale investors diversified exposure to private markets including private equity, private credit and real assets.

Bradley and Wright will be joined on the committee by Christian Ryan, Chair of FinCap, and Ben Davis, Head of FinCap’s Portfolio & Investment Solutions.

Bradley brings more than 25 years of experience across investment management, asset consulting and financial services governance. She has held senior roles at several leading Australian investment firms, with deep expertise in portfolio construction, manager research and investment governance frameworks.

Wright co-founded Zenith Investment Partners and spent more than two decades as its CEO, building the firm into one of Australia’s leading investment research and ratings houses. Wright is now Head of Client Solutions at Pinnacle Investment Management and brings more than 30 years of experience across investment research, manager evaluation and consulting to the Committee.

“Having an independent Chair with Leanne’s calibre and experience, alongside David’s deep expertise in investment research and manager evaluation, gives us a Committee with genuine substance,” Ryan says. “As we prepare to bring the FinCap Platform to market, we wanted a governance framework that reflects how institutional investors think about oversight, accountability and rigour.”

“Leanne’s background in investment governance and portfolio construction makes her ideally suited to chair the Committee, and David’s track record at Zenith speaks for itself. Their independence and combined depth of experience will be invaluable as we scale the platform.”

The establishment of the Investment Committee follows FinCap’s appointment of BCA Research as a strategic research partner, announced in April. BCA’s Private Markets and Alternatives division will support the development of asset allocation and portfolio construction frameworks for the platform.

The FinCap Platform targets wholesale investors across Australia and aims to deliver scalable portfolio solutions, giving advisers and asset consultants access to professionally managed private asset exposures backed by institutional-grade governance and reporting.

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David Wright

The Third Link Growth Fund is pleased to announce the appointment of David Wright to its Investment Committee, where he joins Chris Cuffe and Jason Coggins, further strengthening the Fund’s governance and investment oversight capabilities to ensure disciplined decision making.

Managed and founded by Chris Cuffe AO, the Fund stands out as a unique Australian equities fund-of-funds designed to generate strong, long term investment returns while channelling profits toward meaningful community outcomes. Employing an active multi-manager approach, the Fund invests with a line up of high quality Australian equity managers to optimise performance and diversify exposure across market segments.

David Wright brings more than 30 years of financial services experience in investment research and consulting. For the past 23 years, he was Co-Founder of Zenith Investment Partners, where he served as CEO and Investment Director. During his tenure, Zenith became one of Australia’s leading investment research and ratings firms, supporting advisers, institutions, and asset managers with investment insights and fund research.

Jason Coggins joined the Third Link investment committee in June 2025 and has more than 20 years of experience in financial services, spanning banking, private wealth, and asset consultancy.

Together with Chris Cuffe they will challenge the current investment thinking and ensure disciplined decision making.

“David’s breadth of experience and proven track record in investment research and consulting makes him a valuable addition to the Investment Committee. His insights and critical thinking will enhance our ability to deliver strong outcomes for our investors,” says Cuffe.

“The Third Link fund invests in underlying active managers who are purposefully attempting to beat their various indexes by really considering their capital allocations, rather than simply investing based on the market cap size.

“With the ongoing market uncertainty, many would say active managers have been hit hard in the last few months. However, I have seen similar market environments come and go. I believe active managers, particularly in Australian equities, do prevail as volatile periods subside,” Cuffe adds.

With approximately $140 million in funds under management, Third Link’s multi-manager Australian Equities Fund of Funds has been running for over 17 years and has delivered 8.9% per annum (net) since February 2012*.

———-

*Third Link Growth Fund Investor Webinar Recording – Third Link

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In this newly created role, David will support Pinnacle’s global growth initiatives and provide strategic guidance to Affiliated investment managers, with a focus on further enhancing client outcomes.

David brings more than 30 years of financial services experience in investment research and consulting. For the past 23 years, he was Co-Founder of Zenith Investment Partners, where he served as CEO & Investment Director.

“Over the past two decades, I’ve worked closely with many Pinnacle executives and Affiliated fund managers as the Group has grown into one of Australia’s strongest and most respected financial services organisations,” said Mr Wright.

“The client-focused platform Ian Macoun and the team has built is globally unique, and there is no doubt there are significant opportunities to further extend its reach. I look forward to working closely with the Pinnacle team and Affiliated investment managers.”

Ian Macoun, Pinnacle Founder and Managing Director commented on the appointment: “David’s contribution to the investment management industry to date has been profound. Just as Pinnacle was built from the ground up on the belief that there was a better way to deliver excellence in investment management, David founded a leading research business that set new standards of quality and integrity, to the great benefit of advisers and investors across the country,” said Mr Macoun.

“This level of integrity, ambition, and commitment to excellence is exactly what we value at Pinnacle. As we continue to expand our multi-affiliate model and broaden asset class diversification to meet evolving investor demands, David brings an extensive breadth of experience and knowledge. He will play a key role in our success well into the future.”

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David Wright

As monetary policy eases globally, a much more supportive and conducive environment is emerging for global small caps and emerging markets, according to Zenith Investment Partners co-founder and investment director, David Wright.

“The valuations of global small caps have been pretty attractive for a period of time. On the sentiment side, certainly price momentum and rising risk appetite is apparent and that’s a positive. We’re taking some overweight positions in both of those asset classes,” he says.

US soft landing

While it looks like the US has mostly achieved a soft landing, Zenith’s head of asset allocation, Damien Hennessy, pointed out that soft landings are actually quite rare.

“We’ve had a soft landing as our base case for probably the past 12 to 15 months and it seems to be unfolding,” he said.

“There are certainly risks around that, and we’ve highlighted those – a recession as a 20 per cent likelihood and a 15 per cent probability attached to the higher for longer, or the strong growth, sticky inflation scenario,” Mr Hennessy said.

“Markets have been going for a very aggressive rate cutting cycle in the US but as we’ve seen in the last few weeks, markets are just starting to have another look at that and wonder if the economy is not slowing that much – that maybe it doesn’t need a lot of rate cuts. That’s been our view for a while.”

As well as global small caps and emerging markets, Mr Wright says quality companies are also likely to do well in a soft-landing scenario.

“Just as a reminder, quality is represented in equities through aspects such as strong balance sheets, stable earnings, growing earnings and low levels of debt.  With parts of equity markets being expensive, you really want to focus on those types of companies, should we have a pullback, and those that will continue to perform well in the soft-landing scenario,” Mr Wright said.

US Election

With the US election imminent, Zenith believes the most likely outcome is either Trump as president with split Congress or a Harris presidency with split Congress.

“Trump has gained a bit of momentum in a number of polls and either totally removed the lead that Harris had, or at least has it neck and neck,” Hennessy said.

“A Trump presidency with a split Congress would probably see bond yields peak, equities improve, and the USD rise slightly, while a Harris presidency would still have equities improving but bond yields lower and the USD lower.

“There’s also been talk of a Republican clean sweep. Under that scenario, markets would focus on the policy mix including higher tariffs, extended tax cuts, ongoing fiscal spending, and perhaps cuts to immigration.

“Those three or four policy planks are generally seen as inflationary, so the market is beginning to price this in as a possibility,” Hennessy said.

“And although the election is just 24 hours away, the result may not be known for a little while after that.”

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David Wright

Emerging markets offer growth and diversification opportunities for investors’ portfolios, but active management is essential for selecting the best investment opportunities and avoiding risky markets, according to David Wright, investment director with Zenith Investment Partners.

Higher economic growth rates can transform into the potential for investors to enjoy higher investment returns, particularly as emerging economies undergo economic transformation, he said.

“Emerging markets currently look compelling from a valuation standpoint compared to more expensive developed markets, particularly with some emerging countries ready to cut interest rates.

“Some emerging markets are ahead of developed nations in easing monetary policy, which is very supportive of share markets and growth potential in an already attractively valued space. This is something which we think is very appealing for portfolios going forward,” said Mr Wright.

“Another benefit is a lack of correlation with developed share markets, providing great diversification benefits. This includes exposure to sectors not generally available locally, such as high-growth technology, which is now the largest sector in emerging markets, and that can enhance long-term investment returns,” Mr Wright said.

However, there is no free lunch with investing and investors need to take on greater risk to achieve those higher returns.

“The main risks with emerging market investing are regulatory uncertainty and economic and political instability. You can see that with the Russia-Ukraine and Israel-Hamas conflicts. However, there is vast diversity within the asset class across countries and regions,” said Mr Wright.

“Vietnam and India, for example, are experiencing rapid economic growth being driven by factors such as increasing urbanisation, relatively young workforces and populations that are growing more rapidly than in developed markets. The governments in those countries are also supporting reforms to encourage economic growth.

“On the other hand, you’ve got some emerging market countries, particularly in Latin America and South America for, example, that are facing a lot more political instability, high inflation and currency depreciation. Here, emerging market investing carries a higher risk.

“China too has been more volatile given concerns around the property sector. Its debt-fuelled real estate sector has dragged down economic growth overall, as highlighted by the collapse of Evergrande. We’re still seeing the Evergrande hangover with a material pipeline of unfinished projects and a significant decline in consumer confidence. Through our active manager selections, we are maintaining an underweight exposure to the Chinese market given concerns about the property sector, slowing economic growth and potential contagion.”

According to Mr Wright, this highlights the importance of active management to navigate the greater risks of investing in emerging markets.

“We are very strong advocates of using active managers in less efficient emerging markets. The huge benefit of active managers is that they are spending their research time and resources on the ground in different countries meeting with regulators, politicians and importantly, researching and meeting with companies to gain greater information about investment opportunities and risks. This is essential for effective emerging market investing,” Mr Wright said.

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Ben Davis

Zenith Investment Partners (Zenith) has announced the return of one of its original partners and senior investment consultant, Ben Davis, to the business. The respected industry executive will return to Zenith on 1 May 2024, working alongside investment director and founding partner, David Wright, and head of portfolio solutions, Steven Tang, in the Portfolio Solutions team.

Zenith managing director, Jason Huddy, said Mr Davis’ role will add additional depth and considerable market experience to the team, and further support the growing adviser demand for Zenith’s managed account solutions.

“After taking 12 months away from the industry to explore personal interests, Ben’s passion for investing has been rekindled. For nearly 20 years Ben was a respected leader with Zenith and an important contributor to our service delivery to advisers. He is well known to many of our clients and we are pleased to welcome him back,” Mr Huddy said.

Mr Davis will be the primary consultant for a number of the Group’s customised managed account client businesses, adding to the breadth of market experience within the team and helping to drive the continued growth and evolution of Zenith’s managed account offering.

Mr Davis is returning to the business in a client-facing role – and says it is a part of the business he has missed.

“I’m genuinely excited about the growth and evolution of Zenith’s managed account offering over the last 12 months, so it’s a really interesting time to be joining the team.

“I obviously have very high regard for the broader Zenith business and the leadership team I’ll be working alongside. I’m really looking forward to supporting the portfolio solutions team in delivering its range of portfolios to their diverse and growing client base,” Mr Davis said.

Zenith has been providing managed account portfolios since 2016 and currently manages close to $5 billion in FUM across its range of managed accounts, including both customised and public menu portfolio options.

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The annual awards recognise the best in funds management across various major asset classes and disciplines, with the aim of raising the standard of funds management for the ultimate benefit of investors.

Winners were announced across 23 categories including Rising Star, Distributor of the Year, Index Fund Manager of the Year and the major award for the Fund Manager of the Year.

The 2023 Fund Manager of the Year went to Perpetual Asset Management Australia for the third year running. Perpetual was a finalist in five award categories, and also won in the categories of Multi Asset – Real Return, Australian Equities – Alternative Strategies and Sustainable and Responsible Investments – Income.

Macquarie Asset Management was the other firm to win multiple awards, winning in the Infrastructure and Global & Diversified Fixed Interest categories.

The Rising Star category went to Aikya Investment Management, while Distributor of the Year was awarded to Fidante Partners for the fourth consecutive year.

The 2023 Industry Contribution Award went to respected industry veteran and Investors Mutual founder, Anton Tagliaferro.

Index Fund Manager of the Year went to Vanguard Investments Australia. This category was introduced last year in response to continued growth in the sector and Zenith’s introduction of a ratings process tailored specifically for index funds.

Zenith chief executive officer David Wright said each finalist is a leader in their field and has displayed investment excellence across both qualitative and quantitative criteria over the last year and the longer term.

“As has been our focus in previous years, today’s awards recognise and honour excellence in funds management across all asset classes and disciplines. We believe that this is fundamental to continuing to raise the standards of funds management in our industry for the ultimate benefit of investors,” Mr Wright said.

“Since our first awards ceremony in 2012, when we had just 17 categories of awards, we’ve grown to deliver awards in 23 categories presented to a sold-out event with over 360 of the industry’s key people in attendance.

Commenting on Anton Tagliaferro’s win, Zenith general manager and head of research, Bronwen Moncrieff, said:

“Anton has made a huge contribution to the financial services industry over four decades as one of the country’s most highly respected value-style fund managers, including over 25 years heading up the firm he founded, Investors Mutual. It was a very easy decision to bestow him with the Industry Contribution Award, and his legacy will be felt across the Australian financial services industry for years to come.”

The full list of winners:

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Jason Huddy

Zenith Investment Partners’ long-standing CEO, David Wright, will step down from the role at the end of the year, transitioning to the new role of investment director. The Group’s chief operating officer, Jason Huddy, will move into the CEO role.

Wright said that after much consideration and reflection, the decision to step down from the CEO role was a very logical and pragmatic one.

“Now is the time to ‘pass the baton’ to Jason. Given his time with the business and strong understanding of Zenith’s operations and client base, I’m confident our clients, stakeholders and staff will be in good hands under his leadership. I believe that the business requires an experienced, strategic leader and Jason is that leader.

“I’m genuinely looking forward to remaining with the business and using my extensive fund research and portfolio management experience to support the portfolio solutions, research and sales teams to deliver on their client service responsibilities. My new role allows more time to focus on areas of the business which I’m really passionate about,” Wright said.

Wright will remain on the local Board and Executive team.

Huddy joined Zenith as COO in 2019 and has over 30 years’ experience in wealth and funds management. Starting with National Mutual (AXA) in Perth, he then spent over 16 years with Macquarie, including 3 years leading its banking and financial services business in the UK, before then moving to NAB Capital Markets, NAB Asset Management and more recently as Executive Director of a Melbourne-based boutique funds manager.

“I’m delighted to be moving into the CEO role and also to continue to work with David and our broader team in delivering our research, portfolio and data services to clients.

“Over recent years, Zenith’s fund research and managed account capabilities have significantly expanded to include the super research services of Chant West, and the data and technology capabilities of our parent company, FE fundinfo. We continue to be an ambitious company for our clients and staff and I look forward to continuing the client-focused growth that David and the team have achieved to date,” Huddy said.

Wright said he is very proud of the business he has helped build, and while stepping down was not an easy decision, he believes that it is the right one for the business and allows him to spend more time working directly with clients and staff.

“Zenith is a business that I have been intimately involved in building over the past two decades and I remain committed to its success. Our collective achievements over that time have exceeded our expectations and I remain confident that under the changed leadership structure, the business is on a strong path to deliver its high-quality product and service offering to clients,” Wright said.

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The annual awards recognise excellence in funds management across major asset classes and disciplines and aim to raise the standard of funds management in the industry for the ultimate benefit of investors. Twenty-three winners were announced in a range of categories including Rising Star, two Sustainable and Responsible Investments categories and the new Index Fund of the Year category, culminating in the award for the Fund Manager of the Year.

The 2022 Fund Manager of the Year went to Perpetual Asset Management Australia for the second year running. With a presence in the finalist line-up in five award categories, Perpetual also won the Multi Asset Real Return category.

The Rising Star category went to Melior Investment Management for its differentiated investment approach, impressive excess performance since inception and market-leading responsible investment strategy within the Australian equities asset class.

The Distributor of the Year was awarded to Fidante Partners for the third consecutive year – a stellar achievement in a highly competitive category. The quality of Zenith’s ratings across Fidante’s product suite, expanding use of their products in models, easy access to their boutiques’ investment professionals, and the quality of their adviser support and sales team were again highlighted as the key drivers for this important award.

The 2022 Industry Contribution Award went to industry veteran and Portfolio Construction Forum founder and Managing Partner, Graham Rich.

The newest category, Index Fund Manager of the Year, went to iShares by BlackRock. The category was introduced this year to reflect the continued growth in the sector, which also saw Zenith introduce a new ratings process last year tailored specifically for index funds. BlackRock was singled out in this category for its strong, long-term track record in managing index funds that have produced outcomes (after fees) that are highly consistent with their underlying indices.

David Wright, Zenith CEO, congratulated all finalists and winners for their commitment to quality management and delivering for their clients during what’s proven to be a challenging and continually changing economic environment.

“We’re so pleased to be able to finally hold our awards in-person this year. Fund managers have worked hard to navigate uncertain times for their investors and it’s important that we take the opportunity to acknowledge and celebrate their achievements over the last year. The fact that they’ve been able to deliver competitive returns for their clients is a real testament to their teams and investment processes.

“Each finalist in the Zenith Fund Awards is a leader in their field and has displayed investment excellence across both qualitative and quantitative criteria over the past 12 months and beyond. The awards are informed by the group’s leading internal research team, which has been delivering quality research and insights to the industry for two decades,” said Wright.

Commenting on Graham Rich’s win, Bronwen Moncrieff, Zenith GM and head of research, said, “Graham’s contribution to the financial services industry over multiple decades has been exceptional. His commitment to the continuing education of the participants in this rich and varied sector and his efforts to grow and develop the research industry in Australia make him a fitting winner of this award.”

The full list of winners:

AREIT: Cromwell Funds Management/Phoenix Portfolios
Global REIT: Resolution Capital Limited
Real Assets: Charter Hall Group
Infrastructure: Maple-Brown Abbott Global Listed Infrastructure
Global & Diversified Fixed Interest: Macquarie Asset Management
Australian Fixed Interest: Metrics Credit Partners
Alternative Strategies: PIMCO
Multi Asset – Diversified: BlackRock
Multi Asset – Real Return: Perpetual Asset Management Australia
International Equities – Emerging Markets & Regional: Fidelity International
International Equities – Alternative Strategies: Talaria Asset Management
International Equities – Global: GQG Partners
International Equities – Global Small Cap: Bell Asset Management Ltd
Australian Equities – Alternative Strategies: L1 Capital
Australian Equities – Small Cap: Prime Value Asset Management
Australian Equities – Large Cap: Alphinity Investment Management
Sustainable and Responsible Investments – Income: Pendal
Sustainable and Responsible Investments – Growth: Perennial Partners
Index Fund Manager of the Year: iShares by BlackRock
Rising Star: Melior Investment Management
Industry Contribution Award: Graham Rich
Distributor of the Year: Fidante Partners
Fund Manager of the Year: Perpetual Asset Management Australia

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David Wright

There may be unintended consequences in the Quality of Advice (QoA) review’s recommendation to deregulate general advice, according to David Wright, CEO of Zenith Investment Partners.

“As an investment research business, we are supportive of the QoA review and its objectives. We remain a strong advocate of the value of quality advice and believe it should be more broadly available to consumers. However, the recommendation to deregulate general advice may have an adverse effect.

“While we are not providers of personal advice, we feel that the replacement of best interest obligations with obligations to provide ‘good advice’ may have the unintended consequence of lowering the quality of advice to consumers and the standards of advice across the industry as a whole,” Wright said.

He added that select services – those that may not be recognised by consumers – are nevertheless important to the integrity of the quality advice standards delivered to the market under the current general advice standards.

“In particular, quality product research and screening for advisers and their clients is a critical market function. This will continue to be the case as the supply of product options and manufacturers for investors inevitably expands. This view is consistent with ASIC’s Regulatory Guide 79 (RG79) and the requirements it places on research report providers.

“A regulated approach to investment product and superannuation fund research and delivery, together with the consumer protection measures noted in the QoA review recommendations, will afford consumers (and their advisers) stronger protections and further support the delivery of quality advice.”

Meanwhile, Chant West general manager, Ian Fryer, said the proposed pause in the Your Future Your Super (YFYS) performance test for Choice products is welcomed and is in the best interest of super fund members.

“There have been a number of unintended consequences of the proposed test. A number of funds have been forced to adopt a shorter-term focus to ensure they pass the test. This has often been accompanied by less portfolio diversification to better track the test’s benchmarks, and unfortunately this is the time in the cycle that diversification is so critical. In addition, many Choice products are ill-suited to assessment using the standard benchmarks and we believe it’s better to come up with a test that caters for the full breadth of choice investment options.

“The test should include a range of different metrics that provide more information on performance over various periods, risk-adjusted returns over different timeframes and an administration fees metric. This would provide a much fuller picture of overall performance,” he said.

While some regulation has driven unintended outcomes, Fryer praised the introduction of the Retirement Income Covenant.

“Although we have just celebrated 30 years since the introduction of the Superannuation Guarantee, the super system is still evolving and is yet to reach maturity. While the Australian super saving system is close to the world’s best as far as the accumulation phase is concerned, there’s work required to deliver a world-leading pension system,” Fryer said.

“The Retirement Income Covenant has created the impetus for super funds to consider how they help members manage longevity risk, among other risks in retirement. It is starting to drive the required product innovation to deliver best practice retirement solutions that help members invest and draw down their pension account appropriately, providing an income and reducing financial stress in retirement.

“And just as importantly, it requires funds to provide adequate services and support to help fund members get the product (or mix of products) that works best for them, through a range of advice and guidance services. The QoA review is critical to ensure that the provision of this sort of retirement advice is affordable for fund members,” he said.

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