Tempo Asset Management, part of Challenger’s Fidante stable of boutique fund managers, will return money to investors after it failed to reach sufficient scale.
Fidante boutique Tempo Asset Management, which was founded in late 2013 by BT Investment Management colleagues Joe Bracken and Robert Chapman, will close after being in operation for five years.
Investors were informed on 23 April that their funds would be returned to them.
A spokesperson for Fidante told ifa that "the Tempo board has concluded it was in the best interests of the company, shareholders and clients to close the business at this time".
"The Tempo principals have substantial experience running quantitative investment strategies. They stay true to their investment philosophy and intend to continue with their investment process and approach," said the spokesperson.
Tempo was founded in late 2013 and employed an equal-weight country quantitative process to invest in global equities.
Challenger-owned Fidante holds a minority stake in Tempo.
ifa understands the principals of Tempo intend to continue running the strategy after the current funds are wound up.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 16 Oct 2018NAB to address advice issues in $314m payoutBy Eliot Hastie
- 16 Oct 2018ANZ under fire over ‘conflicted’ IOOF dealBy James Mitchell
- 16 Oct 2018Advisers should be early call in divorce casesBy Adrian Flores
- 16 Oct 2018War with Dover ‘destroyed me’, says ex-adviserBy Adrian Flores
- 16 Oct 2018Macquarie adds Insight fund to platformBy Adrian Flores
- 15 Oct 2018FASEA is setting a new standard for the industry: Assistant TreasurerBy Eliot Hastie
- view all