World opens up for Tyndall

Tyndall Investment Management will launch a new global equities multi-manager product later this month, to be offered both in Australia and New Zealand.

Friday, October 3rd 2008, 5:00AM

by David Chaplin

The Tyndall Multi-Manager Global Equity Fund features five underlying managers including the Edinburgh-based Walter Scott and US firm Epoch Investment Partners.

According to Binu Paul, Tyndall head of institutional markets, the new global equities product would be seeded immediately with about $1 billion transferred from the Australian group’s previous multi-manager fund.

Paul said following the restructure, Tyndall Australia fired all of the previous six or seven underlying managers, with the exception of Walter Scott.

For Tyndall New Zealand the new fund marks its first foray into a multi-management approach for international shares. Until now Tyndall has provided NZ investors exposure to global equities through US manager Capital International – an arrangement that would continue alongside the multi-manager offering.

Paul said in Tyndall’s new balanced fund strategic asset allocation the global shares component would be split evenly between Capital and the multi-manager fund.

He said Tyndall has created three pools for the new multi-manager fund: an Australian structure and two New Zealand PIEs (one hedged and the other unhedged).

The five underlying managers were selected from a short-list of 12 with the final mix composed of two value managers, two growth shops, and one emerging markets specialist.

Paul said the new offering would “complement the overall Tyndall product line-up”.

The Tyndall Multi-Manager Global Equity Fund officially launches on October 20. Epoch CEO, William Priest, is scheduled to present at the Tyndall launch functions in New Zealand.

Tyndall New Zealand manages about $3.5 billion across a range of asset classes for both retail and institutional investors.

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