Interestingly both distribution companies are headed by former BT Funds Management business development managers – Mimms and Michael Lodge.
The move comes just after Liontamer closed its third Asian Fund. It says this is likely to be the last Asian fund it does for some time, and while it won’t disclose how much it raised it is understood the figure is somewhere near the $20 million mark.
The company says it has made good progress with its distribution and some of the bigger advisory groups are starting to use its structured investment products.
Liontamer says FDL has done a good job for the company and it didn’t want to disclose reasons for the changes. However it points out that other changes have been made recently including changing the firm of lawyers it uses in Australia.
While FDL has lost Liontamer, it currently distributes funds for PM Capital, I-Cap and LM Investment Management. The latter is an Australian fund manager that specialises in Australian property and mortgage income products.
“(LM is) acknowledged as a specialist funds manager within Australia 's mainstream mortgage trust sector, LM manages one of the largest and highest performing mortgage trusts in Australia, the LM Mortgage Income Fund. The Fund has consistently outperformed the Morningstar Australian Mortgage Trust since its inception,” the company says.
FDL is holding its first-ever investment conference in Auckland next week. Details in the Diary section of the site.
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