IPAC morphs into FundSource
Tuesday, May 1st 2001, 10:54PM
Managed fund research house IPAC Securities has been bought out by its management team, headed by David van Schaardenburg (pictured) and changed its name to FundSource.
In this deal van Schaardenburg has bought 100% of the company from the executive directors of IPAC Australia.
Van Schaardenburg, who is the executive chairman of FundSource, says that the company has no formal tie up with IPAC in Australia, but they will continue to work together if needed.
The change is logical as IPAC Australia closed its fund rating and research business in 1995 to concentrate on its core businesses which include running one of Australia's biggest master trusts and a sizeable advisory force.
Van Schaardenburg says the separation was amicable, and the two groups will "continue to liaise and potentially work together on issues of mutual benefit."
FundSource will focus on providing services to professional financial advisers, and fund managers. It is also continuing to provide research and manager selection services to New Zealand Funds Management.
Van Schaardenburg says the change of ownership will allow FundSource to shift its focus from branding and ownership issues to growth.
He believes the managed fund industry is facing a period of renewed growth, partly due to the Government addressing the superannuation and savings issues.
"FundSource anticipates renewed growth in the New Zealand funds management industry, which in turn will provide opportunities for information and research providers," he says.
Van Schaardenburg says there are new opportunities in the market for selling research to advisers as many of the new entrants to the market come from a sales background rather than a professional advice one.
The need research in order to give their clients good quality advice, he says.
"The validity of research is higher for those sales people where technical skills tend to be lower."
The FundSource name was first used last year when IPAC took an exclusive sponsorship of the Xtra's money channel.
Currently the firm uses the site to generate interest in managed funds and refer people onto advisers.
"We are growing the pie for the funds management industry," van Schaardenburg says.
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