Brad will continue as BAEP’s senior investment analyst for sectors including Building Materials, Gaming and Travel-related consumer stocks, until 31 March 2026.

To ensure a smooth transition of responsibilities, BAEP has appointed Michael Ward to the role of senior investment analyst, effective 2 March 2026. Michael has over 25 years’ experience in financial markets.

Mark founded BAEP in 2008 in partnership with BFM, remains BAEP’s chief investment officer, and was sole portfolio manager until March 2023.

The funds that Mark will now be sole portfolio manager for are:

• Bennelong Australian Equity Fund
• Bennelong Concentrated Australian Equity Fund
• Bennelong ex-20 Australian Equity Fund
• Bennelong Twenty20 Australian Equity Fund, and
• various mandates.

The Bennelong Emerging Companies Fund, which has returned 18.4 per cent per annum since inception in October 2017, is not affected by Brad’s departure. Doug MacPhillamy remains portfolio manager for this fund.

“On behalf of BAEP and BFM, Mark and I thank Brad for his dedication and wish him the best for the future,” John Burke said.

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Chris Bedingfield

The Quay Global Real Estate Fund (Unhedged) Active ETF (ASX:QGRU) and the Quay Global Real Estate Fund (AUD Hedged) Active ETF (ASX:QGFH) are available for trading on the ASX from Monday 24 November.

Offering investors enhanced access to Quay Global Investors funds via the ASX is a significant milestone in the twelve year history of the highly-rated award-winning Quay Global Investors team lead by Justin Blaess and Chris Bedingfield. Demand for an ASX listed offering speaks to the strength of Quay’s proposition and their commitment to the preservation and creation of wealth through a differentiated approach to managing global real estate equity portfolios.

The new active ETFs provide ASX investors with access to a concentrated, high conviction portfolio of real estate securities listed on exchanges around the world. Unlike the Australian real estate market which primarily offers exposure to the retail, office and residential sectors, global real estate offers a much broader universe including aged care, student housing, data centres and storage facilities.

The objective of the ETFs is to provide investors with a total return (before fees and expenses) of the Australian Consumer Price Index (CPI) plus five per cent per annum measured over five years or more. The portfolio typically holds 20 to 40 securities, with most income derived from leases, rent and other real estate related income.

Gillian Larkin, chair of the Bennelong Funds Management Ltd Board said: “Quay are one of Bennelong’s strongest and fastest-growing investment partners. These two new active ETFs represent an important step in Bennelong’s strategy to enhance investor access to our leading investment solutions.”

Bennelong Funds Management CEO John Burke said: “Share market natives have limited options to build a high conviction index unaware allocation to global property, so making Quay’s popular proposition available via the ASX was a logical step.

“Active ETFs are an increasingly popular investment vehicle, and we are seeing retail investors seeking more sophisticated ETF offerings, which replicate those managed by experienced investment teams such as Quay Global Investors.” said Mr Burke.

Quay principal and portfolio manager Justin Blaess said: “The team is proud to reach this milestone. As specialists in listed real estate securities globally we believe an active exposure to global listed property can be a valuable inclusion in a truly diversified portfolio.”

Quay principal and portfolio manager Chris Bedingfield adds that the market conditions are supportive of global real estate investments.

“As investors we are observing deeply discounted valuations globally and consider them to be markedly disconnected from the sector’s robust fundamentals. As such, discounted valuations provide us with opportunity,” said Mr Bedingfield.

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John Burke

Bennelong Funds Management has signed a memorandum of understanding (MOU) and partnered with US-based Monroe Capital to further expand its distribution to Australia and New Zealand.

Founded in 2004, Monroe Capital is a USD$21.6 billion asset manager specialising in diversified private credit solutions, with a focus on US lower middle market direct lending to institutional and high-net-worth investors.

The firm’s direct lending investment strategy is focused primarily on first lien and unitranche loans to companies diversified across multiple industries located throughout the US and Canada.

Gillian Larkins, Chair of the Bennelong Funds Management Ltd Board, said, “Our alignment with Monroe Capital represents the third step in the process of moving Bennelong from a largely equities-based business to one that best caters for the evolving needs of investors. It is our strategic intent to augment our long-standing Australian capabilities by working with international specialists across all established asset classes.”

CEO of Bennelong Funds Management, John Burke, said, “As a top ten US non-bank lender in 2024, we believe Monroe Capital is a specialist international manager with the proven expertise and scale to offer a valuable private credit alternative to local investors. We are excited to be working with the Monroe Capital team as we continue to service our excellent client base in meeting their evolving needs.”

Alex Kim, Managing Director & Head of APAC at Monroe Capital, commented, “The US middle market lending universe includes over 200,000 companies and is characterized by less competition, more covenants and higher spreads than other areas of direct lending. This fragmentation in the lower middle market, where Monroe Capital specializes, offers investors access to a segment of the market with the potential for higher returns and more downside protection.”

“Launching our private credit strategy via Bennelong’s Australian-domiciled fund marks a pivotal step in democratizing access to institutional-grade credit strategies,” said Zia Uddin, President of Monroe Capital. “We’re opening the door for qualifying investors to participate in a resilient asset class that has historically delivered stable income and downside protection.”

Monroe has over 300 employees, inclusive of an investment team of approximately 120 professionals focused on deal sourcing and underwriting. The firm is headquartered in Chicago and has 12 locations throughout the United States, Asia, Middle East and Australia.

Bennelong plans to launch a local registered vehicle in the coming months.

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John Burke

Bennelong Funds Management has launched the Allspring Global Income Fund, targeting Australian retail, wholesale and institutional investors.

The product launch follows the announcement in May that Bennelong has partnered with Allspring Global Investments (Allspring) to distribute its global income strategy across Australia and New Zealand.

Allspring is a leading asset manager with USD$600 billion of assets under management and advisement, managing over USD$460 billion in fixed income assets for a global client base.

The new fund is based on Allspring’s global income strategy and dynamically invests across global fixed income sectors including government, securitised, investment grade credit, high yield and emerging market debt markets.

The fund offers daily liquidity with an objective of outperforming the Bloomberg Global Aggregate Index and generating a total return consisting of a high level of current income (paid monthly) and capital appreciation.

John Burke, CEO of Bennelong, said “We believe this fund can be a core component of well diversified portfolios. Allspring’s global income strategy has delivered strong risk-adjusted returns for over ten years, and it’s exciting to bring a proven, well-diversified and dynamic product to our network of investors, advisers and institutions.”

Gillian Larkins, Chair of the Bennelong Funds Management Limited Board, said “our alignment with Allspring represents another important step in the process of moving Bennelong from a largely equities-based business to one that best caters for the evolving needs of investors across all asset classes.”

Andy Sowerby, head of the International Client Group at Allspring, said recent market volatility continues to highlight the importance of dynamic allocation.

“Our flexible, multi-sector approach is different from strategies with more static allocations and fewer exposures, and to strategies managed to three or five-year macroeconomic themes. The strategy has delivered competitive performance in periods of market stress, including over the challenging markets of 2025,” he added.

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John Burke

Bennelong Funds Management has partnered with Allspring Global Investments to distribute its global income strategy across Australia and New Zealand.

Allspring is a leading asset manager with USD$600 billion of assets under management and advisement, managing over USD$460 billion in fixed income assets for a global client base.

John Burke, CEO of Bennelong, said the partnership will introduce an in-demand income solution to local investors.

“With over 390 investment professionals and 20 global offices, Allspring has scale and experience alongside a strong investment reputation especially in active fixed income. We’re looking forward to working with Allspring to deliver a core component of well diversified portfolios to our broad network of investors, advisers and institutions.”

Bennelong expects to launch the Allspring Global Income Fund as an Australian Unit Trust in June, offering daily liquidity, and broad access for local investors.

Andy Sowerby, head of the International Client Group at Allspring, said recent market volatility has highlighted the importance of dynamic allocation.

“Allspring’s global income strategy provides broad diversification by actively allocating across the global fixed income universe including the investment grade credit and high yield sectors. Our flexible, dynamic multi-sector approach is different from strategies with more static allocations and fewer exposures, and to strategies managed to three or five-year macroeconomic themes.

“Furthermore, the strategy has delivered resilience in periods of market stress, delivering competitive differentiated performance even throughout disparate and challenging market environments,” he added.

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Mr O’Brien will be based in Melbourne and report to chief solutions & growth officer, Nicole Hammond.

With over 25 years’ experience in financial services across Dublin and Melbourne, Mr O’Brien will focus on the establishment and ongoing co-ordination of Bennelong’s new trustee services arm.

Bennelong CEO, John Burke, said the appointment is a welcome addition to the team.

“Bennelong’s product offering is expanding, with the business now providing standalone fiduciary services for retail and wholesale funds. We’ve already seen some strong interest from managed funds across the industry.

“We can think of no one better than Alan to lead this new function, bringing an impressive wealth of expertise and knowledge in this area.”

Mr O’Brien recently held the role of senior manager, relationships and oversight, at Equity Trustees, and previously held roles within JP Morgan, BNY Mellon and the Irish Stock Exchange.

“Following a number of years working within the trustee services space, I’m looking forward to the opportunity to build a strong outsourced responsible entity and trustee services offering, with the backing of a well-respected brand like Bennelong,” said Mr O’Brien.

Bennelong’s new trustee service product offers full oversight and compliance responsibilities for managed funds. It engages with service providers and stakeholders to ensure investor protection, while optimising fund performance. Tailored ancillary services are also available, including investor services and middle office operations.

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Chris Bedingfield

Quay Global Investors, a Bennelong boutique, has celebrated its 10-year fund anniversary, returning 10.05 per cent per annum* since inception to investors in its Quay Global Real Estate Fund (Unhedged). 

The active listed global real estate manager has outperformed its index* by 3.81 per cent since inception.

The 10-year milestone also saw Quay reach $1 billion in funds under management.

Co-principal and portfolio managers Justin Blaess and Chris Bedingfield attributed the success of the business to its outstanding investment team, unique investment philosophy, as well as the ongoing support of Bennelong Funds Management.

“Reaching our tenth anniversary, as well as $1 billion in funds under management, is a great achievement. Our success reflects the trust investors place in our team’s expertise and dedication.

“We continue to see strong opportunities for investors in global real estate, particularly off the back of renewed expectations of interest rate cuts in the US, and look forward to another decade of success for our investors.

“It’s been great working alongside the talented team at Bennelong to reach this milestone,” Mr Bedingfield says.

Quay partnered with Bennelong Funds Management in 2015.

Bennelong CEO, John Burke, said that co-founders Chris Bedingfield and Justin Blaess have led the business to outstanding success over the past decade.

“Quay has consistently grown while providing investors with solid returns and access to a diverse range of listed real estate opportunities across the globe, at a time of continuous change in markets.

“Thank you to the investors who have joined us on Quay’s journey. We’re proud of the team’s accomplishments and look forward to many more years of successful partnership.”

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John Burke

Bennelong Funds Management and Leadenhall Capital Partners have now opened the LCP Insurance Linked Securities Fund for investment.

After announcing the distribution agreement in October last year, the teams have been working to bring the insurance-linked securities (ILS) strategies to institutional investors in Australia and New Zealand.

The Fund provides access to ILS, a unique asset class with historically low correlation to traditional investment markets and economic conditions, offering a valuable opportunity for portfolio diversification.

John Burke, CEO of Bennelong, said it’s an opportune time to bring this to market.

“With insurance premiums increasing globally in recent times, an ILS strategy like this can really benefit investors, as the higher premiums are passed through.

“The Australian market has had limited access to these assets, and the current market environment presents an attractive opportunity.

“Working with Leadenhall’s experienced team to bring this offering to investors has been a pleasure, and we look forward to continue working with them as we distribute the product to our institutional and wholesale investors.”

Lorenzo Volpi, managing partner of Leadenhall, emphasised the strategic significance of the partnership with Bennelong in launching the Fund.

“With Bennelong’s strong local presence and expertise, we believe we can deliver exceptional value to investors.

“This partnership has allowed us to introduce a product that not only diversifies portfolios but also brings innovative investment opportunities to Australia and New Zealand.”

The ILS Fund invests in catastrophe bonds, offering investors access to pure insurance risk for natural catastrophe events such as hurricanes, floods and earthquakes.

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John Burke

Bennelong Funds Management has partnered with boutique investment managers Canopy Investors to launch a global small and mid-cap equities fund.

Canopy Investors was formed in 2023 by Kris Webster and Michael Poulsen, who are co-portfolio managers of the Canopy Global Small & Mid Cap Fund^[1]. They have more than 30 years of collective experience investing in listed global equities and have worked together for more than a decade, previously leading the small and mid-cap team at Magellan Asset Management.

The Canopy Global Small & Mid Cap Fund invests in a concentrated portfolio of high quality and attractively priced small and mid-cap listed companies, with balanced exposures across a range of sectors and regions.                                                  

Bennelong CEO John Burke says the partnership brings a new, attractive asset class to Bennelong and its investors.

“There is no doubt that Kris Webster and Michael Poulsen are high-calibre investment managers. Their experience and track record in managing global equities created an outstanding opportunity to bring a great team and fund to our clients, and Australian investors more broadly.

“We believe there are great opportunities in the small to mid-cap market in the current environment. The fund offers diversification away from an increasingly concentrated global large-cap index. This is an opportune time to launch a partnership with a specialist and experienced team of investment managers.

“As a business, our approach is to partner with high quality boutique asset managers and bring high-grade investment product to the Australian market.

“By providing distribution, administration and business support, we allow our partners to focus on what they do best – manage money.”

Mr Webster says that while Australian investors have dozens of options to access large-cap global listed equities, there are far fewer opportunities to invest in a portfolio of high-quality smaller global companies.

“By allocating to small and mid-cap companies, investors benefit from a broader range of opportunities and greater diversification. The global index is increasingly concentrated in the largest companies – the largest 200 companies represent about two-thirds of the most commonly referenced global index – and most global equities strategies are naturally focused on these stocks. We think such a focus ignores incredible opportunities among the more than 5,000 smaller global listed companies, many of which are very high-quality businesses and have strong and aligned management.

“Smaller companies also offer the potential for strong returns, as seen historically. These companies typically have longer growth runways than larger companies, and mispricing is more likely to occur and persist, given that they often attract less investor focus than their larger counterparts.” 

Mr Poulsen says the name ‘Canopy’ connotates forest canopies, symbolising growth and protection, which aligns with the firm’s investment goals for its clients.

“Canopies are also rich in diversity, similar to the global small and mid-cap universe in which we invest. 

“The fund will only invest in high-quality companies with demonstrable competitive advantages, aligned management, strong financial results, and favourable ESG characteristics. Quality companies have been shown to outperform over time, and this is especially true among smaller companies.

“We are long-term investors, and conduct in-depth fundamental research to uncover high-conviction investment ideas. Our team is highly collaborative, having worked directly together for many years. We have implemented the latest software and systems, coupled with our proprietary data and processes, to build a balanced best ideas portfolio.

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Mr Cooper has more than 35 years of experience in the legal and financial sectors, working predominantly across corporate advice, mergers and acquisitions, and superannuation.

John Burke, CEO of Bennelong Funds Management, says Mr Cooper brings a wealth of industry experience and knowledge to the board.

“Jeremy is an industry veteran with unparalleled experience and expertise in the Australian superannuation and wealth sectors.”

Mr Cooper was previously chairman, retirement income at Challenger Limited. Prior to this, he was appointed by the Rudd Government to chair a wide-ranging review of the superannuation system, known as the ‘Cooper Review’. Earlier in his career, he was the deputy chairman of ASIC and, before that, a partner of law firm, now called Ashurst Australia.

He is currently the chair of the advisory board of the Conexus Institute, a not-for-profit superannuation think tank, and is a member of the Public Policy Committee of the SMSF Association.

Mr Cooper’s appointment follows several changes to the Bennelong board as the business streamlines its focus in the Australian market. He will be replacing Vicki Allen, who is retiring after serving eight years on the board

“On behalf of Bennelong, I extend our thanks to Vicki for her contributions to the company and wish her all the best in her future endeavours. We are looking forward to working with Jeremy as we continue our growth strategy in the Australian market.”

The board is chaired by longstanding board member, Lincoln McMahon. Mr McMahon has been on the board for eight years, providing a wealth of knowledge, experience and dedication to the table.

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