Kanika Sood – Financial Standard
A Sydney boutique that invests in global small-mid caps has partnered with Perennial which will take over its distribution and back office functions.
Fairlight Asset Management holds 30-40 long-only positions in global small and mid-caps.
The firm was has three partners: Nicholas Cregan (founder) who has worked at Evans and Partners International Fund and at Schroder Investment Management; Ian Carmichael who left Watermark in September and has also worked at Platinum Asset Management; and Will Dowd who worked at Evans & Partners and Ernst & Young.
The partners are invested in their fund, Perennial said in a statement.
Perennial has taken an undisclosed stake in the boutique.
Cregan said the partnership gives Fairlight an opportunity to accelerate their strategy with access to the marketing, technology and distribution expertise and systems within the broader Perennial group, as well as join forces with a long-standing investment firm with strong cultural alignment.
Perennial founder John Murray said the addition complements its current investment strategies.
“Fairlight joins Daintree Capital and Perennial Smaller Companies as specialist boutiques and continues our focus on selectively building out our range of specialist investment strategies,” Murray said.
“We will be responsible for marketing the Fairlight fund and providing back-office and distribution functions, allowing the portfolio managers to focus on gaining the best risk-adjusted returns for investors.”
Murray said Perennial sees the move as the start of a successful long-term partnership.
“We look forward to supporting Nicholas, Ian and Will in building their business and running a successful international small and mid-cap portfolio with a quality focus,” he said.