Jacqueline Fernley

arcpoint OCIO, a dedicated outsourced chief investment office (OCIO), working with adviser-led practices, family offices and foundations, launched this month in partnership with Fiduciary Partners to support adviser-led practices seeking to deliver differentiated investment outcomes as their businesses grow. An outsourced chief investment office gives advisers and HNW’s tailored access to institutional-grade investment expertise.

arcpoint OCIO Founder and Chief Investment Officer Jacqueline Fernley said: “The demands on adviser led practices have become increasingly complex. We see a need to deliver quality investment decisions at scale, given shifting market dynamics and intergenerational wealth transfer. The suite of investment opportunities has grown exponentially to include digital assets, private markets and ETF selection. Portfolio construction as a consequence, within this new landscape, needs to evolve.”

Jacqueline was most recently CIO of Mason Stevens with oversight of ~$9Bn and prior to that was Head of Equities at JBWere, Portfolio Manager at Colonial First State Global Asset Management and Head of Research at Wilson HTM and Magellan Financial Group.

Fiduciary Partners, Managing Director, Alex Haynes said: “We have been searching for a team of this calibre for some time and are delighted to partner with arcpoint OCIO as the first step in building the OCIO Collective. Jacqueline and her team bring decades of investment experience into the business and will disrupt the managed account industry via genuinely differentiated advice led solutions.”

Through its partnership with Fiduciary Partners and participation in the OCIO Collective, arcpoint OCIO will have access to global research, implementation capability and operational infrastructure through its engagement with Mercer, a global professional services firm. This will enable arcpoint OCIO to focus on investment judgement, governance and disciplined decision-making with robust implementation support.

Why arcpoint OCIO exists

As practices expand, portfolios evolve and market conditions change, investment decisions increasingly need to be carried forward with consistency and care. Advisers remain accountable to clients for those outcomes over long periods of time, even as portfolios, opportunity sets and teams change.

arcpoint OCIO is designed to support advisers in this environment. It works alongside adviser-led practices by providing CIO-level decision stewardship through time, within clearly defined mandates, while advisers retain control of their investment philosophy, client relationships and suitability. The role is not to impose a centralised investment view or replace the adviser, but to help ensure an adviser’s philosophy continues to be applied consistently as conditions change.

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Jacqui Fernley

The ECP Growth Companies Fund and ECP Global Growth Fund have been added to the Mason Stevens outsourced CIO (OCIO) High Conviction List (HCL). The HCL, with its focus on the very best managers, provides access to circa five per cent of the investable market, with 90 strategies across asset classes, sub asset classes and investment style.

ECP Growth Companies Fund was one of 23 strategies selected for the Australian equities category, and ECP Global Growth Fund was one of 22 strategies selected for the global equities category as part of Mason Stevens’ latest review.

Jacqui Fernley, CIO of Mason Stevens, says that to be added to the High Conviction List, managers must go through a rigorous due diligence process, which is designed to identify managers that have a greater likelihood of meeting their stated investment objectives.

“We seek to provide our clients with access to a list of the best-in-class funds available, and for ECP to have both its funds listed in Mason Steven’s OCIO High Conviction List reflects their strong track record and commitment to delivering high returns to its investors,” she said.

Partner at ECP Asset Management, Jared Pohl, says the addition of its two funds in the Mason Steven’s list re-affirms ECP’s reputation as one of the leading equity boutiques in Australia. “We are particularly excited for our newly launched global equities fund to be included on the HCL. It is a privilege to partner with Mason Stevens OCIO and be given the opportunity to build wealth together for their clients.

“Both funds have a proven track record of delivering strong performance for our investors. Our investment strategy focuses on the selection of companies considered to have high quality business models that can generate predictable, above-average economic returns over the long term,” said Mr Pohl.

The ECP Growth Companies Fund returned 18.9 per cent (gross) over the 12 months ending 31 July 2024 outperforming the S&P/ASX 330 Accumulation index by 4.9 per cent. The ECP Global Growth Fund returned 22.0 per cent (gross) over the 12 months ending 31 July 2024, broadly in line with the benchmark over this period.

“In the past year, holdings in GQG Partners, Hub24 and Nuix have been key contributors to our strong performance in Australian equities. For example, with GQG Partners, where the market saw an overvalued stock, we saw an undervalued one that we capitalised on its mispricing. This is fundamentally how our investment style plays into selecting stocks and how we can bring added value to our investors in looking beyond the market noise,” he said.

Principal at ECP Asset Management Justin Warton added: “Within the ECP Global Growth Fund, we saw strong performance across a number of our holdings, most notably in Interactive Brokers. The market is starting to recognise Interactive Brokers’ cost and execution leadership, and is seeing it basically become a utility for the entire industry. It remains a core long-term holding for the fund.”

ECP Asset Management’s All Cap Strategy was ranked the second highest performing fund in Mercer’s Investment Performance survey of fund managers in the Australian market for the past quarter, returning 29.1 per cent over a one-year period.

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David Macri

Specialist wealth platform provider, Mason Stevens, has announced it has appointed David Macri, as Head of Asset Allocation.

Mr Macri joins the firm after 14 years, at ASX-listed ethical investment management company, Australian Ethical Investment. He has over 25 years’ experience in investment management & superannuation, with proven capability in strategic planning, multi-asset portfolio management and executive leadership.

Mr Macri will report to Chief Investment Officer (CIO), Jacqueline Fernley, to continue to evolve the Mason Stevens Outsourced CIO offering. As Head of Asset Allocation, David will be primarily responsible for the strategic and dynamic asset allocation solutions for Mason Stevens’ platform clients running managed portfolios.

Ms Fernley said: “David has an enviable track record of investment performance and a broad experience across multi-asset portfolio management and investment strategy. David is highly credentialed in Responsible Investment, which combined with his investment experience and reputation, make him a valuable addition to the team.

“He will play an important role in helping advisers evaluate and implement strategic portfolios that aim to enhance investor outcomes. We look forward to welcoming David to the team.”

Commenting on his appointment, Mr Macri said: “I am excited to be joining Mason Stevens during such a key period of growth. There is strong personal alignment given Mason Stevens’ focus on meeting the needs of each client, I am confident that together with the very talented team, we will achieve great client outcomes.”

Mr Macri is a CFA Charterholder, holds a Graduate Diploma in Applied Finance & Investment from FINSIA and a BSc (Advanced Mathematics) from Macquarie University. He is currently the Chair of MarketMeter’s Advisory Board and is an Advisory Board member of Australian Estate Management. He has held previous executive roles at Macquarie Securities, Credit Suisse Asset Management, Mellon and Mercer.

The appointment follows the recent hire of Chief Financial Officer Laurent Toussaint as Mason Stevens bolsters its executive and leadership teams.

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Jacqueline Fernley

Financial advisers are placing a strong emphasis on proving their value beyond asset allocation as their primary development focus in the near future. This key finding stems from the recent launch of a research whitepaper by Mason Stevens, a prominent wealth platform.

Titled The Outsourced CIO: The Client Experience Dividend, the paper introduces fresh research that highlights a growing trend among financial advisers—outsourcing their investment management capabilities. In Australia, the Outsourced CIO (OCIO) model has gained significant traction, empowering advisers to achieve enhanced investment outcomes while simultaneously freeing up time to engage more deeply with their clients.

The paper, in collaboration with the Ensombl advice community, features valuable insights from Australian advisers who have successfully implemented this approach in their practices.

“As the investment landscape becomes more complex and uncertain, advisers are finding it increasingly difficult to optimise investment outcomes while also staying abreast of mounting compliance, sustainability, and professional development challenges”, said Jacqueline Fernley, Chief Investment Officer, Mason Stevens

“This paper therefore comes at a critical juncture, drawing on the experiences of Australian wealth advisers who have successfully leveraged external investment capabilities, enabling them to optimise investment outcomes while streamlining processes, and ultimately deliver a superior client experience”, said Fernley

“This research will help advisers navigate the changing landscape and unlock new avenues for growth. Ultimately it will help them deliver a superior client experience, and drive increased client appreciation of the value of their advice.

Read the paper.

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Mason Stevens Chief Investment Officer, Jacqueline Fernley said of the additions to her team, “Lloyd and Andrew have over 36 years combined experience and bring extensive and complimentary skills to the existing team. The combined team is now well positioned to deliver on the Mason Stevens Outsourced CIO strategy as our key differentiation in market.”

As Head of Manager Research, Andrew will work closely with Head of Asset Allocation, Paul Spence supporting clients on their Managed Discretionary Account (MDA) journey and building out the Mason Stevens High Conviction List.

Andrew Ash, who has over 20 years’ experience in wealth management, from roles at Citigroup and Insignia Financial said, “Using my deep knowledge across manager research and portfolio construction, I am excited to be able to lead Mason Stevens manager research efforts”.

After eight months with Mason Stevens, the interim Head of Fixed Income, Andrew Baume has decided to pursue other interests.

Ms Fernley said, “Andrew Baume has been instrumental in re-establishing Mason Stevens capabilities in the fixed income market, and we thank him for the invaluable contribution he has made to the business, in particular to the Global Investments team and wish him all the best for his future endeavours. I am looking forward to welcoming Lloyd Mitchell to the team to lead our Fixed Income capability, which includes the Mason Stevens Wholesale and Retail SMA”.

Lloyd Mitchell, who has over 16 years of experience in financial services across product development and institutional portfolio management, said, “I am looking forward to growing Mason Stevens Fixed Income offering, especially now that normalisation in fixed income markets has resulted in this asset class once again providing compelling income and diversification benefits to multi asset portfolios”.

As Head of Fixed Income, Lloyd will use his extensive knowledge of domestic and global markets including multi-asset, fixed income and equities and will work alongside Jacqueline Fernley, developing portfolios for our clients.

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Paul Spence

Mason Stevens has appointed former State Super analyst Paul Spence to the role of Head of Asset Allocation. Reporting to Chief Investment Officer (CIO), Jacqueline Fernley, the role is responsible for developing bespoke strategic & tactical asset allocation solutions for platform clients running managed portfolios.

CIO Fernley said “Paul comes to us with more than 30 years of market experience with a strong background in portfolio construction and quantitative analysis. He will be instrumental in helping advisers and managers evaluate and implement, disciplined portfolios that aim to enhance investor outcomes.”

Fernley continued: “As their businesses grow, our advisers are increasingly coming to us wanting help in making their investment decisions, whether that be around asset allocation, strategic execution advice, or representation on an investment committee. We have the specialist resources like live trading execution and in-house experts, to support that. This provides advisers the flexibility to instead focus on their client conversations.”

Prior to joining the firm from State Super, Spence previously held various role at AMP, Sustainable Insight Capital Management, Deutsche Asset Management, Zurich-Scudder Investments, and Barra International.

The appointment follows another key hire for the firm, with Ian Weir recently joining as the Senior Dealer in the investment team, reinforcing the firm’s approach of supporting advisers with investment rigour and expertise.

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As Mason Stevens Chief Investment Officer (CIO), Fernley will lead the firm’s asset management specialists, and play a crucial role in helping advisers and managers develop models, and facilitate unique platform investment opportunities such as IPO’s, capital raises and bond issuances.

Considered one of the most well-regarded investment professionals in the Australian market, Fernley has deep, proven experience across multiple asset classes, capital allocation, governance, and investment strategy. Her previous experience includes roles as Head of Equities at JB Were, Australian Equity Portfolio Manager at CFS, Head of Research at Wilson HTM, and Portfolio Manager and Head of Research at Magellan.

Mason Stevens CEO, Tim Yule said “as a ‘Platform with a Purpose’ Jacqueline’s skills and background will support us in assisting our model managers in making quality portfolio decisions with discipline and rigour. She is an experienced ‘hands on’ portfolio manager and has a proven track record of delivering top quartile returns.”

The appointment follows another key hire for the firm, with Wayne Twomey recently joining as Chief Financial Officer (CFO). Wayne is a highly experienced finance professional, having held a range of senior finance roles over his career including CFO at Mastercard for Australia and New Zealand, CFO of PWC Australia, and a decade in the United States in various senior finance roles for American Express.

Yule added, “Wayne brings experience, knowledge, and discipline, that will be critical to this important phase of development and growth for the business. We are delighted to have talents of the highest calibre like Wayne & Jacqueline join our organisation.”

2022 is shaping be a big year for Mason Stevens, having been recognised by Investment Trends as the most improved investment platform for the third year running, reinforcing their innovative approach and accelerating plans for growth.

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