TRG has acquired a 20% equity stake in Octis with an option to increase that by a further 10% if hurdles linked to new funds flow are satisfied. Funding of the acquisition was from working capital and the strike price of the option is correlated to the prevailing net asset backing at the time the options are exercised. The initial acquisition price for the 20% stake was approximately $224,000.

Founded in 2007, Octis is an Asian multi strategy equity manager based in Singapore. The investment team, headed by CEO Jerome Ferracci who has 27 years of experience, has achieved an outstanding track record with +22% net returns since inception against – 21% for the MSCI Asia Pacific index (as at 31/05/2012).

“We have been interested in diversifying into alternatives and have been actively searching for opportunities. We are very pleased about partnering with a quality business that offers access to Asia with low volatility. We look forward to assisting in the growth of Octis both in Australia and overseas,” said Andrew McGill, Treasury Group Chief Executive Officer.

“We have been very impressed by TRG’s performance in partnering boutique fund managers, and are very confident of the synergies created with our partnership. On one hand TRG has a proven outstanding track record in terms of product development and distribution, whilst on the other hand we strongly believe in our capability of bringing significant value to investors by mastering equity risk at a low level of volatility through our alternative investment products,” said Jerome Ferracci.

11 July 2012 

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This investment by TRG builds upon the existing relationship between TRG and Evergreen which was initiated in December 2011 when Evergreen was appointed to assume management responsibility for the Ascot Fund. 

Founded in 2009 by Tim Hannon, Evergreen is a boutique funds management business with a focus on management of ASX listed equities via an absolute return style. Evergreen’s flagship fund is the Evergreen Australian Equities Return Fund through which it seeks to generate investment performance via systematic exploitation of market inefficiencies whilst also seeking topreserve capital. 

In addition to its core equities focus, Evergreen has a joint venture with Freehold Investment Management. The JV manages Australian real estate and infrastructure securities. This business is operated separately from the equities business and is led by Andrew Smith. 

Currently, Evergreen manages approximately $100m in funds on behalf of high net worth individuals, family offices and institutions. The property JV currently has $70m in funds under management. 

Andrew McGill, Chief Executive Officer of TRG said “Evergreen has generated enviable returns for investors across the volatile equity market conditions that we’ve seen over the past few years. Theenthusiasm, passion and focus on client outcomes of the Evergreen team underpin their success to date.” 

“TRG is very pleased to partner with Evergreen at this point in its development and is confident that the strength of our Distribution capability and range of support services will further underpin the continued growth and success of Evergreen.” 

TRG has acquired a 30% stake in Evergreen in return for an upfront payment of $1.4m plus a further deferred amount contingent upon theachievement by Evergreen of business performance hurdles prior to 30 June 2014. All amounts will be funded by TRG out of internally available working capital. 

The majority of the TRG stake has been acquired from interests associated with Jo Rylance, Evergreen’s Executive Director and COO. Following the transaction, Ms Rylance will continue at Evergreen in her executive capacity. Mr Hannon remains the majority owner of Evergreen and also holds a significant personal investment in the Evergreen Australian Equities Return Fund alongside clients.

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Following an extensive search TRG CEO, Andrew McGill is delighted to have appointed someone of Stephen’s calibre and experience. “Stephen’s strong industry network, proven sales expertise and deep understanding of the asset consulting sector will make him a valuable addition to our Distribution team” said Mr McGill. 

Concurrent with the appointment of Mr Bramley and to better service the needs of clients, Mr McGill announced a reorganisation of responsibilities within Treasury Group’s Australian Distribution team. Peter Walsh, previously Head of Retail Distribution, has been appointed as Director, Distribution based in Sydney.Between them, Mr Walsh and Mr Bramley will be responsible for clients across all Australian States and Territories, with Mr Walsh having primary responsibility for clients across New South Wales and Queensland and Mr Bramley having primary responsibility for clients across Victoria and South Australia. 

Dan Burke, TRG’s London based Director, Distribution, will continue to cover client relationships in the UK and Europe.Mr McGill noted that “The ability to generate funds inflows for our boutique partners is a core and fundamental capability underpinning Treasury Group’s business model. Over the past five years, TRG has been responsible for generating funds inflows in excess of $4.5bn for our boutique partners.” Consistent with its business strategy, TRG has invested by adding staff to its Distribution team over the past 12 months.

Mr Bramley has more than 17 years experience in the funds management industry, including his most recent role as Head of Institutional Sales, Investments at Mercer (Australia) Pty Ltd. Mr Bramley has a Bachelor of Commerce (Banking and Finance) from the University of Canberra.

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TRG Chairman Mike Fitzpatrick said that the Board is delighted to welcome Ms Donnelly to TRG and that her deep and varied financial services experience would add considerable value to the company.  

“Ms Donnelly has worked with some of Australia’s largest financial services businesses, with a focus on education and funds management.  She brings vast knowledge of the Australian and international investment markets and we are delighted to have her on board.” 

Ms Donnelly is the Founder and former Chairman of the Centre for Investor Education (CIE), a specialist education and consultancy firm for executives in Australian and overseas superannuation funds, institutional investment bodies and the financial services markets. 

Ms Donnelly’s has held numerous executive positions within the ANZ Banking Group including Managing Director of ANZ Trustees and Deputy Managing Director of ANZ Funds Management. She has also been CEO of the Queensland Investment Corporation, and Chairman of the Board of Plum Financial Services Nominees. 

Ms Donnelly is a former DeputyChairperson of the Victorian Funds Management Corporation and a current Non-Executive Director of Ashmore Group plc.

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• GVI Industrial Share Fund
• GVI Industrial Share Fund – Unhedged (the Funds)

Chairman of GVI, Reub Hayes, said the decision to change the investment manager was taken after reviewing the investment performance of the business.  “The overriding factor in reaching this decision was to generate the best outcome for our current and future investors in the funds,” he said.

“The Board believes that the investment performance has not been sufficiently adequate in recent years.  We also believe that Aubrey’s track record as well as its highly experienced team of investment professionals, offers investors a stronger proposition in terms of global equities investment and experience.”  

Aubrey is a boutique investment manager that specialises in the management of global equity portfolios.  Aubrey is headquartered in Edinburgh, holds an office in Melbourne and has been a member of TRG’s boutique portfolio since 2009.  

“Aubrey has outperformed benchmarks since its inception,” Mr Hayes said. 

Under the management of Aubrey, the Funds will aim to provide long-term capital and income returns through investing in attractive markets, sectors and companies on a worldwide basis.   Aubrey will structure the portfolio without reference to peers or the benchmark, instead identifying proven thematic growth drivers, coupled with a concentration on company cash flow characteristics as a key risk assessment, followed by a strong sell discipline. 

Mr Hayes said GVIwill continue to be the licensed entity and investment manager, however Aubrey will be sub-advisor to the Funds.  TRG will move to a controlling equity ownership position of GVI.  Treasury Group Investment Services Limited will continue to be the responsible entity of the Funds. 

CEO of Treasury Group, Andrew McGill said a number of the GVI staff will stay on to assist with transition.  “A number of very talented staff have worked with GVI for many years and we would like to thank them for their efforts and wish them all the best in the future.”  

“We are also fortunate that we have a strong portfolio of managers and investment services within the Treasury Group portfolio, so that the cost and disruption to the funds can be kept to a minimum.” 

Mr McGill said GVI’s Director Grant Cullens will stay within the Treasury Group portfolio of businesses for the foreseeable future.  “Grant’s leadership and contribution to the business over the past months has been exceptional.  Investors and other GVI stakeholders owe him a debt of gratitude and I thank him on their behalf for his efforts,” he said.

The transition will commence immediately and it is expected that the overall change to the portfolio composition will take place over the next two weeks.  

Mr Hayes said; “Members of both Aubrey and GVI are working together to facilitate a seamless transition and ensure that the interests of investors are managed as a priority.  All investors have been sent an update and will receive further information over the coming weeks.”

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