Magellan brings in Vinva on global funds
Magellan Financial Group has changed its investment management arrangements around its Global Equities strategy, bringing in Vinva Investment Management.
The fund manager announced today that the Magellan Global Fund – Open Class Units – Active ETF and the Magellan Global Fund Hedged investment strategy will be changed to the Vinva Global Alpha Strategy.
It said Vinva will be appointed as investment manager of the funds which have approximately $5.3 billion in assets under management.
Magellan has a 28% minority equity stake in Vinva which is an independent, employee-owned Sydney glob al active systematic equity manager.
The announcement to the Australian Securities Exchange (ASX) said that Magellan Asset Management will remain the Responsible Entity for the funds and will retain responsibility for distribution.
The announcement said it is intended that the Magellan Global Equities Fund (Currency Hedged) will be closed, noting that it had approximately $94 million in assets under management at 30 April.
The announcement said the investment strategy and philosophy for the Magellan Global Opportunities Strategy and Magellan Global Opportunities funds remains unchanged, with Alan Pullen continuing as Portfolio Manager and Ryan Joyce as Deputy Portfolio Manager.
The announcement said that the decision leading to the Vinva arrangement followed a comprehensive review.
Magellan has an existing strategic distribution partnership with Vinva.
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