Nathan Lim

Evidentia Group is proud to celebrate the retirement of Nathan Lim, after an impressive 30-year career, shaping investment strategies and driving innovation in financial services.

Nathan currently serves as Chief Investment Strategist at Evidentia Group, shaping the firm’s market voice, leading the Lonsec Investment Solutions (LIS) portfolio management team and driving strong client outcomes. During his tenure as Chief Investment Officer at LIS he and the team drove portfolio construction and asset allocation. Previously, he held senior roles at Australian Ethical, championing responsible investing, and at Morgan Stanley, delivering world-class research and client solutions.

As Nathan transitions into retirement, he is working closely with Darren Beesley, Evidentia Group’s Chief Investment Officer, to ensure a seamless handover. There are no changes to the portfolio management of any client portfolios, with all Evidentia Group’s Portfolio Managers remaining in place (including Deanne Baker, Dan Moradi and Nick Field, all who have extensive tenures with LIS). The portfolio management team forms part of Beesley’s broader Investment division, ensuring stability and continuity for clients. Beesley has 20 years’ experience in funds management and asset consulting, most recently leading AMP Capital’s $80 billion multi-asset portfolio team, and previously managing diversified strategies at Perpetual. Executive Director of Investment Management, Troy Swann continues to focus on the group’s go-forward strategy and governance framework.

Reflecting on his career, Nathan says, “For more than 30 years, I have had the privilege of serving my clients to the very best of my ability. It has been an honour to have so many place their future in my hands, and in the hands of the teams I’ve been fortunate enough to work alongside. Thank you to all our clients for your trust, your confidence, and your collaboration. And to the markets—especially volatility—thank you for keeping every day interesting.”

“I’m grateful for the opportunities I’ve had to contribute to this dynamic industry and excited about the next chapter of my life. I’m incredibly proud to be leaving behind a larger, newly combined investment team that has never been stronger, where our clients continue to be in excellent hands.”

CEO of Evidentia Group, Mike Wright commented, “Nathan has been a real asset to the Lonsec Group, Evidentia Group, our clients and the broader investment community. His depth of knowledge and strategic thinking have left a lasting impact in our industry. We thank Nathan for his contributions and wish him, his wife Claire and their family every success in the future.”

Looking ahead, Mike Wright continues “We are committed to build on the Group’s strong foundation as the undisputed leader in managed accounts, growing through trusted relationships — so our clients and people can thrive in business and life. With Darren at the helm of our larger combined investment team, we are well-positioned to navigate the future with confidence and clarity, delivering an exceptional experience trusted by advisers, valued by investors, and powered by a culture of excellence.”

Evidentia Group has commenced the recruitment process for a Senior Investment Strategist and is expected to make an announcement regarding this new appointment in the new year.

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Mike Wright

The Lonsec Group (Lonsec) has announced a strategic realignment of its businesses as it continues to strengthen it capabilities and prepare for future growth. This follows the announcement by parent company Generation Development Group (GDG) earlier today of the acquisition of managed account business, Evidentia Group (Evidentia).

Following the acquisition of Evidentia, Lonsec’s research and managed account businesses will realign into two new business units, Lonsec Research and Ratings and Evidentia Group. The new Evidentia Group is the combination of the acquired Evidentia, together with Lonsec Investment Solutions and Implemented Portfolios.

Highly regarded executive Mike Wright, who has served as Group Chief Executive Officer of the Lonsec Group for the past four years, will take up the role of Chief Executive Officer at Evidentia Group. He steps into this leadership function within a fast growing and highly dynamic managed accounts sector that is expected to grow from $206 billion in 2024 to some $474 billion by 2030^[1].

Lonsec Research and Ratings will comprise the Lonsec Research, iRate, and SuperRatings brands.

Lorraine Robinson has been appointed Chief Executive Officer of the newly formed entity, readying the business for future expansion. Over the past five years, Lorraine has held the position of Executive Director of Lonsec Research, propelling the business into unparalleled growth during her tenure. Today, the Lonsec business encompasses over 1,800 managed investments, listed securities and superannuation funds researched or rated through its Lonsec Research and SuperRatings brands.

Lonsec’s unrivalled research and ratings track record continues

Grant Hackett, Group Chief Executive Officer at GDG thanked the Lonsec executive team for its enthusiasm to embrace the realigned roles and company structure.

“GDG is excited about the next growth phase for the newly formed Evidentia Group under Mike Wright’s leadership. Equally, the seamless transition of Lorraine Robinson to lead and guide Lonsec Research and Ratings provides a strong platform in support of GDG’s continued investment in the growth and success of our market-leading research business.

“Lorraine is the natural choice to lead the business in its next growth phase and continue to build on the integrity and proud Lonsec heritage of high-quality independent research and ratings services – upon which informed investment decisions are made daily.”

Wright to lead the undisputed leader in the managed accounts sector

With a proven track record of rapid growth in managed account businesses, both at Xplore Wealth and as Lonsec Group’s CEO, Mike Wright brings over 30 years’ financial services experience to his new role. His extensive career in the wealth management sector includes a broad range of leadership roles at BT, Westpac, and ANZ.

He said: “I am thrilled about the next iteration of Lonsec’s journey. This is a celebratory milestone for Lonsec and a testament to the entire team’s contribution to create today’s successful business. Lonsec Investment Solutions has made fantastic strides in the past five years, and it’s exciting to continue that, but also hand the research baton to Lorraine’s proven leadership.

“I’m excited to be working closely with Evidentia Co-founder Peter Smith, who has built a phenomenal business over the past 5 years, and I believe the collective strengths of Evidentia, Lonsec Investment Solutions and Implemented Portfolios will provide unrivalled end-to-end managed account solutions for licensees, financial advisers, and their clients.”

Peter Smith, co-founder of Evidentia, will assume the role of Executive Chairman of the newly formed Evidentia Group and join the Board of Generation Development Group.

Grant Hackett said: “Mike embraced this new opportunity under our realignment and is unequivocally the right individual to lead a new business formed by two managed account market leaders, with a combined total of $25 billion in funds under management (FUM). Mike’s proven leadership and capacity for innovation, makes him an exceptional fit to help take this newly merged business, Evidentia Group, to new heights.”

Robinson to lead the industry-leading research and ratings business

Lorraine Robinson, Chief Executive Officer at Lonsec Research and Ratings said: “The newly established Lonsec Research and Ratings unifies our award-winning research brands, bringing all our centres of research excellence into one business unit, allowing us razor sharp focus on our core vision of helping Australians make better business decisions.

“This realignment of the businesses, backed by GDG’s continued dedication to investing in our growth and continued success, will help us to drive innovation and explore new services for each of our unique client cohorts, working with them closely and remaining at the very forefront of the ever-evolving research sector.”

With the establishment of Lonsec Research and Ratings, the business will continue its unrivalled legacy of fearlessly independent research and ratings services across a broad spectrum of Australia’s investment, superannuation, financial advice, and services sector.

Lonsec Research and Ratings comprising of Lonsec Research, SuperRatings and Lonsec’s award winning research portal iRate, will continue to operate under their distinctive, independent brands. Kirby Rappell, Executive Director of SuperRatings will continue to head up the Superannuation research division and remains an integral member of the leadership team.

Whilst each of the brands service different customer bases, underpinning all is a mandate to provide meaningful insights, data, benchmarking and reporting on investment and superannuation products. Through this unification, Lonsec Research and Ratings will be able to leverage the strengths across all teams to enhance its broader market proposition.

Lorraine’s career within the financial services industry spans over 30 years, with leadership and investment positions in prominent organisations such as Evans and Partners, Goldman Sachs, and Macquarie Group. She brings to the role a deep and broad understanding of the research sector, as well as in-depth, hands-on experience in investment markets.

Final word: An enduring heritage of knowledge and strength in research and managed accounts

Established in 1994, Lonsec has expanded significantly over the past 30 years to become Australia’s market leading and pre-eminent Investment Research provider to the financial services sector.

In 2014, iRate – Lonsec’s award-winning and market leading investment research portal, was purchased by Lonsec, elevating its research service offering to financial advisers and their clients, and accessed today by over 5800 users.

In 2015, responding to the growing administrative and regulatory demands being placed on financial advisers, Lonsec launched its managed accounts business – Lonsec Investment Solutions (LIS), offering a diverse range of managed portfolio solutions, including MDA capability, through its acquisition of Implemented Portfolios in 2022. Its managed account business has grown to $12.7 Billion in funds under management over the past nine years.

Today’s realignment of the Lonsec operating businesses, under market leading executive leadership, backed by the continued investment and resources of GDG Group, heralds a new phase for the Lonsec brand to continue a proud legacy of exceptional performance and enhanced customer experience.

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Notes:
[1] IMAP (Jun-20-24), NMG Consulting (historical SMA type splits and all forecasts including the treatment of MDA as including MDAs, IMAs and other discretionary with no roll-forward or adjustment for MDA managers that did not provide data to IMAP in Jun-24

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Mike Wright

Lonsec Holdings (Lonsec) is poised to further enhance its position as the pre-eminent provider of investment research, product ratings and managed account solutions as it announces today that its largest shareholder, Generation Development Group (GDG) is seeking to acquire 100% ownership of the Lonsec Group.

Under the terms of the agreement, GDG will acquire the remaining interest in Lonsec for an upfront consideration of $197.4 million together with a deferred earn out payment of up to $55.7 million.

Lonsec considers GDG to be a highly logical partner to accelerate the next phase of Lonsec’s growth. The proposed transaction, which is subject to approval by GDG shareholders, will enable Lonsec to further accelerate its organic and inorganic growth strategy by providing greater access to capital, an expanded product suite and greater market access. The proposed acquisition presents multiple growth avenues to Lonsec including further development of Lonsec Investment Solutions and M&A opportunities.

Mike Wright, CEO of Lonsec, is pleased with the transaction, saying “This is an exciting time for Lonsec and a recognition of the strength of the business we and those before us have built for our clients since 1994. GDG has been a substantial shareholder of Lonsec since 2020 and has a strong understanding of the Lonsec business and is committed to supporting Lonsec in its strategic plans to grow further.

“GDG are an ideal acquisition partner, intending to continue to operate Lonsec predominantly as a separate business, which means continuity of our existing product and service propositions for our clients. This transaction will enable Lonsec to accelerate plans for further investment into its business and we are enthused about the opportunities this deal presents for the business and our clients.”

Grant Hackett, CEO of GDG, echoes these sentiments and comments “Since we acquired an initial stake in Lonsec in 2020, we have witnessed the strong growth and success of the business driven by an excellent leadership team.  We are excited to increase our exposure to the business and help shape the next phase of growth for Lonsec.”

Lonsec was supported through the transaction by Luminis Partners as lead financial adviser, together with Baker McKenzie, McGrathNicol and EY Australia.

Highlights:

• Generation Development Group (ASX:GDG) acquired a minority holding in Lonsec Holdings (Lonsec) in September 2020,
• GDG to acquire the remaining 61.9% of Lonsec’s fully diluted share capital, to be funded by a Conditional Placement and Equity Raising by GDG
• On completion of the upcoming transaction, GDG will own 100% of the issued capital of Lonsec
• The transaction will be settled through a combination of cash and scrip consideration
• Subject to GDG shareholder approval, the transaction is expected to be completed in August 2024
• GDG is committed to supporting the existing Lonsec business, further enabling accelerated growth and delivering greater balance sheet strength

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Nathan joins from Morgan Stanley Private Wealth Management Asia where he was Co-Head of Investment Management Services. While at Morgan Stanley, Nathan developed Morgan Stanley’s award winning multi-asset investment approach for both the Australian and Asia wealth management divisions. Nathan started his career in 1995 and has extensive experience in asset management, research and stockbroking that has taken him across Asia, North America, the Middle East and Australia. Prior to Morgan Stanley, Nathan managed Australian Ethical Investment’s International Shares Fund, where he developed a passion for responsible investing.

Commenting on the appointment, Lonsec CEO Mike Wright said “We are delighted that Nathan is joining Lonsec to lead the Investment Solutions business as he brings considerable international expertise in multi-asset strategies and a particular interest in responsible investing.

Nathan joins the business at an exciting time as we continue to grow our expanding managed accounts business. This includes renewing our commitment to partner with quality advice businesses to support them with tailored managed account solutions.”

Nathan echoes these sentiments, saying “I am excited to be joining Lonsec as I have long admired their reputation and commitment to helping clients achieve their financial goals. I look forward to leading a great team of investment professionals and getting back to my responsible investing roots.”

As CIO, Nathan will join the Product and Investment Oversight Committee, Asset Allocation, Manager Selection, Direct Equities and Tailored Portfolio committees, which oversee the Lonsec Investment Solutions portfolios. These committees are a hallmark of the Lonsec portfolio management approach.

Deanne Baker has been appointed to the newly created position of Deputy CIO. Deanne will also continue in her role as Portfolio Manager Multi-Asset Portfolios, managing the multi-asset, retirement and sustainable portfolios. Deanne has been with Lonsec for 15 years, working across both Lonsec Research and Lonsec Investment Solutions. Deanne will be assisted by Eleanor Menniti who rejoins Lonsec as Associate Portfolio Manager, Multi-Asset Portfolios, after five years at BlackRock.

Deanne comments “I am excited to have Nathan join Lonsec as his shared values, investment experience and leadership qualities make him a great fit for our team. I am looking forward to working with him to continue delivering strong outcomes for our clients.

I am equally excited about the return of Eleanor Menniti to the team, bringing with her new skills and insights from a leading global fund manager.”

The Chairman of Lonsec’s Product and Investment Oversight Committee (PIOC), Dr Steve Garth, was also pleased with the new appointments, saying, “We are thrilled to have Nathan join the Lonsec team, and I look forward to working closely with him on the PIOC. We are also very grateful to Deanne Baker for her contribution as interim CIO and her contributions to the PIOC.”

Veronica Klaus will head up the newly named Tailored Solutions business as Head of Tailored Investment Solutions. Assisted by a team of Portfolio Managers, Veronica will lead Lonsec’s renewed focus into bespoke and tailored investment solutions for larger self-licenced Advice firms and large licensees. Veronica has been with Lonsec for 12 years.

Nathan will commence the position of Chief Investment Officer and Executive Director, Lonsec Investment Solutions in August 2023.

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Bruce has over 30 years’ experience in financial services with an extensive track record across investment platforms, superannuation and life insurance.  Bruce has held a number of senior positions spanning finance, operations and strategic development with companies including NAB Wealth, Aviva Australia and Xplore Wealth Limited. Prior to joining Lonsec, Bruce was Group Executive – Xplore Wealth at HUB24 Limited leading the Xplore business whilst assisting in its integration into the broader HUB24 business.

Naomi Christopher was most recently National Manager – Marketing and Communications at Implemented Portfolios (IPL) and joined Lonsec Holdings following the acquisition of IPL. Her career in financial services spans 13 years, where she has worked in similar marketing and communications related roles at other financial services businesses such as Midwinter Financial Services (a Bravura owned company) and SQM Research, the funds research and ratings house.

Lonsec CEO and Managing Director of IPL, Mike Wright says “Over the past six months, both the Lonsec and IPL teams have worked tirelessly to understand each business and client groups. I am excited about the growth plans we have for the coming year and the integration of our services to all clients.  Bruce has led this integration project and I am delighted that he is joining in a permanent capacity.”

“I am equally delighted that Naomi is taking on the broader Head of Marketing and PR role across the group as she built IPL’s formidable marketing presence” continues Mike.

As part of the integration of the businesses, key Lonsec portfolio managers have been appointed to the IPL Asset Allocation and Investment Committee (AAIC), which is responsible for the investment decisions relating to the IPL portfolios. Lukasz de Pourbaix joined long-standing independent members of the committee post the acquisition of the business by Lonsec in 2022 and will be joined by Nick Field, Associate Portfolio Manager for Lonsec’s listed suite of portfolios.  Nick has extensive portfolio management and investment research experience having held various investment research and portfolio management roles for the past 20 years. Nick will provide additional insights and rigour to the AAIC governance process.

Finally, Lonsec has also bolstered its internal portfolio governance framework with the establishment of a group Product Investment Oversight Committee (PIOC). The PIOC is a sub board committee to the Lonsec Board and is responsible for ensuring that the IPL and Lonsec portfolios have the necessary personnel, processes and risk management frameworks in place. Lonsec has appointed Dr Steve Garth as independent chair of the PIOC. Dr Garth brings to the PIOC two decades of experience in key Financial Services roles, including a broad career managing Australian and Global portfolios.

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Mike Wright

Lonsec continues to drive investment efficiencies for advisers by expanding its support of Managed Accounts on the Netwealth platform. Lonsec has added to Netwealth’s Global Specialist Series (GSS) Managed Account range, by launching Lonsec GSS Index Plus.

The portfolios are built around core Netwealth GSS passive strategies, and a range of active satellite funds that leverage Lonsec’s extensive research capabilities and backed by its rigorous governance and review process.

‘These new managed portfolios give investors and financial advisers access to investment solutions supported by one of Australia’s largest investment consulting and research teams,’ said Lonsec CEO Mike Wright.

‘Being able to access our portfolio construction and investment selection expertise can help advisers and investors to make better investment decisions and we’re proud to partner with Netwealth to bring these portfolios to the market,’ continued Wright

Lonsec GSS Index Plus offers four portfolios: Moderate, Balanced, Growth and High Growth. Each is designed to achieve different risk and investment objectives over various timeframes. They are constructed using a range of growth and defensive assets such as Australian and global equities, property, fixed interest, and cash.

‘We were excited to develop this suite of portfolios with Netwealth as they offer a cost competitive solution for investors looking for a quality investment providing capital growth and income over the medium to long term. The portfolios also incorporate dynamic asset allocation and use a core/satellite approach to investment selection,’ said Lonsec CIO Lukasz de Pourbaix.

Matt Heine, Netwealth Joint Managing Director said ‘Lonsec bring a wealth of investment research and portfolio construction expertise to this partnership, and we are sure that these portfolios will prove popular with our advisers and investors.’

Lonsec is one of Australia’s fastest growing Managed Accounts portfolio managers, with monthly net inflows recently exceeding $250m. Lonsec also recently acquired the specialist Managed Discretionary Account provider, Implemented Portfolios Limited, who has a deep history and commitment to helping advisers meet the needs of their clients.

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Mike Wright

Lonsec Holdings (Lonsec) is an independent partner to the Wealth Management industry, providing preeminent products and services that are critical to key industry participants to enable them to serve their respective clients efficiently and effectively.

Lonsec’s mission is to “help clients make better investment decisions.” To achieve this, Lonsec continues to lead and evolve with the Wealth Management industry, consistently offering market leading, innovative products and services.

Lonsec is pleased to announce the acquisition of Implemented Portfolios Limited (IPL), a specialist Managed Discretionary Account (MDA) provider to High Net Wealth Individuals and affluent retail clients.

Advisers are increasingly recognising and valuing the substantial time savings and operational risk mitigation benefits of Managed Accounts, with the growing appeal of Managed Accounts predicated on their unique ability to holistically deliver on clients’ investment and service objectives.

Lonsec CEO, Mike Wright, said ‘Lonsec has a deep history and commitment to helping Advisers meet the needs of their clients via our market leading qualitative investment research and Managed Account solutions. I am excited to have IPL joining the Lonsec Group to further enable us to meet the changing needs of Advisers.’

The Australian Managed Account market, currently with Funds Under Management (FUM) of $131.2bn^[1], is fast growing, with a five year Compounding Annualised Growth Rate (CAGR) of close to 30% pa^[1]. The acquisition of IPL will boost Lonsec’s FUM to over $5bn.

The acquisition of IPL expands our offer with complementary Managed Account solutions now available to Advisers, whether it be Separately Managed Accounts (SMA) or the adoption and deepening of MDA services. From a commercial perspective the acquisition of IPL further diversifies our business and will, positively impact Lonsec’s earnings and margins, before synergies are realised.

Mr Wright said ‘The acquisition will not distract from Lonsec’s core business activity of research and ratings via the key business units of Lonsec Research and SuperRatings. Lonsec is used for research and ratings by hundreds of Fund Managers, Super Funds, and thousands of Advisers every day’. Importantly, to maintain its independence, Lonsec reaffirms its commitment not to issue Retail Managed Funds.

Lonsec’s Investment Solutions business harnesses the depth and breadth of Lonsec’s extensive research when constructing portfolios. We look forward to sharing our intellectual capital with the IPL team to potentially leverage when constructing and managing client portfolios.

‘Similarly, we are excited to welcome, and learn from the experienced, professional IPL team, who I know will make a fantastic contribution to our overall business whilst they stay focussed on helping their highly valued IPL clients.’ concluded Mr Wright

Greg Kirk, Executive Chair of IPL, said ‘Since 2010, IPL has been changing the conversation about portfolio construction taking place within advice practices. We only see this expanding as part of the Lonsec Group.’

The businesses will be managed separately for the foreseeable future, with IPL becoming a fully owned subsidiary of Lonsec.  To ensure continuity for clients and partners, all of IPL’s staff will remain within the Group. Greg Kirk will remain a Non-Executive Director of IPL, whilst Michael Wright becomes IPL’s new CEO.

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[1] Source: IMAP FUM Census December 2021
[2] Ibid.

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Mike Wright

Lonsec has been named Overall Best Research House in the Adviser Ratings 2022 Australian Financial Advice Landscape Report, surveying over 1,300 advisers across the industry.

Contributing to the Overall award, Lonsec was also named winner in the following categories – Breadth of Research, Quality of Research, Timeliness of Research and Adviser Support.

Lonsec CEO, Mike Wright, said “I am so grateful to all our clients who responded to this survey and put us at the top of their lists. Our guiding principle at Lonsec is to help Advisers and investors make better investment decisions by offering insights and solutions that support them in this and it is heartening to see that this is recognised by Advisers.”

2022 is the first year that Adviser Ratings has issued awards as part of the release of the Australian Financial Advice Landscape Report. The report provides in-depth analysis of changes to the advice market, products and consumer sentiment across 12 months and is based on five months of research and surveys of both advisers and consumers.

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Mike Wright

Research house Lonsec has launched a new product comparison tool that streamlines best interest duty obligations for Advisers. Sitting within Lonsec’s iRate® portal, the ‘Products Like This’ tool simplifies the product recommendation process by quickly and easily comparing products in an existing portfolio to over 10,000 products in iRate and generating a shortlist that match chosen key criteria.

The short list provides a side by side comparison of key product information and attributes, so Advisers are then able to identify the most suitable products for clients and demonstrate that they have undertaken a detailed product review to meet their best interest duty and compliance obligations.

Lonsec CEO, Mike Wright, said “In all our discussions with Advisers, demonstrating best interest duty obligations has been a pain point for many of them.  In developing this simple to use tool, we are providing Advisers with impartial methodology and rationale for their product recommendations and saving them time by embedding compliance into their advice process.”

Products Like This is available as a standard tool within iRate® and is fully integrated into the existing product search, portfolio construction and quantitative analysis tools with iRate®. Product comparison reports can be exported and easily appended to client files.

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Mike Wright

Lonsec has expanded its support of Managed Accounts on the AMP North and CFS FirstWrap platforms with the launch of its Lonsec Listed Managed Portfolios.

The portfolios harness the depth and breadth of Australia’s leading research provider, allowing investors access to a diversified portfolio of listed securities incorporating Lonsec’s Dynamic Asset Allocation.

“These managed portfolios give financial advisers access to investment solutions supported by one of Australia’s largest investment research and consulting teams,” said Lonsec CEO Mike Wright.

“Being able to draw on our investment selection and portfolio construction expertise can be a game changer for advisers, and we’re proud to be offer the Listed portfolios to North and FirstWrap users.”

Lonsec provide three Listed portfolios: Balanced, Growth and High Growth. Each are designed to achieve different risk and investment objectives over various timeframes. They are constructed using a range of growth and defensive listed assets such as Australian and global equities, property, bonds, and alternative assets and are backed by Lonsec’s rigorous governance and review process.

“The Listed portfolios have been designed for investors looking for capital growth and income over the medium to long term from listed assets and use a combination of active and passive securities to achieve these growth and income objectives,” said Danial Moradi, Portfolio Manager for Listed Products.

In addition to the Listed portfolios, the Lonsec Separately Managed Account – Core Portfolio will also be available on FirstWrap. This portfolio employs an active, concentrated, low-turnover strategy focused on quality Australian large cap shares.

“We are excited to expand the distribution channels for these portfolios, making them available to a broader group of advisers and their clients” said Moradi.

Inclusion on AMP North and CFS FirstWrap further expands the availability of the Lonsec supported Managed Account offering, following their existing availability on the BT, Macquarie, HUB24, Netwealth and Praemium platforms. Lonsec is one of Australia’s fastest growing Managed Accounts portfolio managers, with over $200m net inflows recorded into the portfolios they manage in February 2022.

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