First Sentier closes down four investment teams
First Sentier Investors has announced it is closing down four of its Australian-based investment teams.
The company said it would be closing down Australian Fix Income, Global Credit, Equity Income and Emerging Companies.
First Sentier Global Head of Investment Management, said shifting industry dynamics such as client consolidation, internalisation of investment management and ongoing margin pressures had impacted the outlook for the investment businesses.
“We have looked across our business in Australia to ensure each of our investment capabilities has sufficient client demand to be commercially material and sustainable. As a result of this, we have made the difficult decision to close four of our Australian-based investment teams: Australian Fixed Income, Global Credit, Equity Income and Emerging Companies.
“While these teams have delivered strong client outcomes over a long period of time, they have been unable to achieve growth that meets our ambitions.
“We will work closely with our clients over the coming months to support them during this transition,” Allen said.
First Sentier Investors is confident in the prospects for its remaining investment teams and is committed in supporting their growth paths.
I expect whatever outcome occurs, certain super fund trustees will get a great deal.
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