Craig Bingham

Successful fund manager, Bennelong Funds Management (Bennelong), today announced the appointment of Craig Bingham to the position of Chief Executive Officer (CEO). Craig will join Bennelong on 20 October.

With over 25 years’ experience in the industry, Craig is a highly regarded financial services executive with extensive experience in Australian and international markets. He joins Bennelong from Federated Investors Asia Pacific where he was CEO. Prior to that, he was CEO at Portfolio Partners which later became Aviva Investors Asia Pacific, where he was responsible for establishing and developing licensed asset management businesses in Australia, Singapore and China, and expanding Aviva’s presence in Asia and the Middle East. Under Craig’s leadership, he built the strong-performing, award-winning Aviva Investors brand in the Australian market, opened distribution offices in Taiwan, the Middle East and Japan, and created an enviable corporate culture with a strong profit focus.

“I am thrilled to be joining Bennelong and becoming part of the successful business that has been built over the last six years,” said Craig. “Bennelong have established a fantastic platform for growth and its prospects for the future look great, so it is an exciting time to be leading the business.”

Bennelong Chairman Mike Pratt said, “We are thrilled to have attracted such a highly respected and talented leader. In particular, Craig’s experience leading successful businesses with multiple asset management teams across various asset classes, both locally and internationally, and his background in institutional sales, will be incredibly valuable in helping Bennelong achieve its long-term goals.

“While Bennelong has seen exponential growth in the past six years, our ambition for future success continues to be a key driver. There is still plenty of untapped potential to be explored – the acquisition of new teams and expansion of our distribution footprint, both domestically and globally, are the business’ main focus moving forward. We look forward to broadening Bennelong’s offer under Craig’s leadership.”

Since its establishment in 2008, Bennelong has grown its funds under management to over $6 billion through its four asset management teams, Bennelong Australian Equity Partners, Avoca Investment Management, Kardinia Capital and Bennelong Long Short Equity Management.

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Previously, Peter was Executive Director – Head of Melbourne Institutional Sales with Nomura Australia, where he played a key role in establishing their Australian equities business. He also worked for boutique fund manager AR Capital Management as a portfolio manager for their absolute return hedge fund. Peter’s professional history also encompasses a variety of analyst roles in Australia and London with HSBC, Credit Lyonnais Securities, Hill Samuel Merchant Bank and Barclays Bank.

Mark and Kristiaan said they were delighted with the addition of Peter to the team. “Peter brings with him a wealth of investment markets experience, which will further strengthen the team’s analytical capabilities,” said Mark.

Kardinia was established by Mark Burgess and Kristiaan Rehder, in partnership with Bennelong Funds Management, in August 2011. The team manages the Bennelong Kardinia Absolute Return Fund, a long/short Australian equity product with the long-term objective of achieving double-digit annual rates of return without compromising on capital protection.

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Kristiaan Rehder

Kardinia Capital has won the ‘Australian equities – alternative strategies’ Manager of the Year in the Professional Planner/Zenith Fund Awards.

Kardinia beat Perpetual and Zurich to win the 2013 industry award, announced at a ceremony in Sydney on 11 October.

Last year, Kardinia took home the Professional Planner/Zenith ‘Australian equities – long/short’ Manager Award.

“The Professional Planner/Zenith Awards are a significant industry acknowledgement so we are really proud of the win. It’s great recognition for the team and our investment strategy,” said Kristiaan Rehder, Portfolio Manager of the Bennelong Kardinia Absolute Return Fund.

Kardinia was established by Mark Burgess and Kristiaan Rehder, in partnership with Bennelong Funds Management, in August 2011

The Fund is a long/short Australian equity product with the long-term objective of achieving double-digit annual rates of return without compromising on capital protection.

The Bennelong Kardinia Absolute Return Fund has delivered investors 14% p.a. over seven years. This ‘variable beta’ strategy (which means the manager has the flexibility to adjust the Fund’s exposure to the underlying market) has ensured a positive return in every calendar year since inception in 2006. This includes the heart of the Global Financial Crisis in 2008, when the Fund returned positive 0.30% whilst the market fell close to 40%

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The Fund is managed by Bennelong Funds Management’s boutique, Kardinia Capital, which is headed-up by investment professionals Mark Burgess and Kristiaan Rehder. 

In Lonsec’s report, the Fund is described as “an attractive offering for investors seeking an absolute return focused strategy, with a strong focus on capital preservation.” 

The underlying strategy was launched in May 2006 by another trustee and managed by Portfolio Managers Burgess and Rehder before they established Kardinia in August 2011. In addition to their combined 38 years’ experience in the financial services industry, both Portfolio Managers are co-invested into the Fund.

Logical and disciplined research and portfolio construction
The report stated that Lonsec was pleased to observe relatively clear linkages between the research process and portfolio construction. Long-term core positions stem from “the Manager’s fundamental research efforts,” with short selling used to enhance the Fund’s flexibility and opportunity. 

The team’s top-down approach was identified as a significant driver of the Fund, “not only from an asset allocation perspective but also in identifying key investment thematics or trends through macro-economic analysis.” 

Lonsec’s review also highlighted that Kardinia’s aim to deliver double digit annual rates of return through an investment cycle is strongly supported by a robust risk management framework. Applied at both the portfolio and individual stock level, Lonsec considers this to be a prudent and appropriate approach. 

Mark Burgess was thrilled with the initial Lonsec rating, in particular their acknowledgement of Kardinia’s robust research and portfolio construction process.

“By partnering with Bennelong, as investment managers we can focus on the stock picking and day-to-day running of the Fund, which is a really powerful model. We’re co-invested with other investors in the Fund, so our interests are completely aligned. It ensures our focus is on maximising returns for our investors,” Mark said.

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