Mellon Global Investments has formed a strategic partnership in Australia with Advance Asset Management Limited to access what the fund manager describes as “one of the fastest growing retail managed funds markets in the world.”
Advance is the specialist investment arm of the St.George Group, Australia’s fifth largest bank and one of the top 15 publicly listed companies in Australia, employing over 7,500 people. Advance has worked with global fund managers for 20 years, being among the first to offer its customers third party funds. Advance will add four of Mellon’s specialist managers: Mellon Capital Management, Newton Investment Management, The Boston Company Asset Management and Pareto Partners.
“We are delighted to be working with Advance and the St.George Group,” says Jon Little, CEO, Mellon Global Investments Limited. “There is a very strong understanding between our two organisations and we view this as the beginning of a very exciting relationship”.
Advance claims its Advance Alliance Investment Suite represents a “redefinition” of retail funds management in Australia. They say that, despite the increase in platforms, research indicates that approximately 30% of advisers are still seeking a retail funds management solution for clients. “One size doesn’t fit all, and the evolution of Advance’s retail menu will, they believe, set the standard for retail funds management in the future,” says an Advance spokesman.