Challenger appoints funds management boss

Challenger has appointed a new chief executive for funds management after Ian Saines announced his intention to retire from the role in June.

The job is going to Nick Hamilton, who has led Challenger's multi-boutique business Fidante Partners since 2016 as its general manager.

Challenger managing director and chief executive Richard Howes said Hamilton has strong relationships with the company's boutique partners and clients and is ideally placed to lead the business.

"Nick is highly regarded in the funds management industry and brings more than 20 years' experience gained across Australian and international markets. Nick is well known for his strategic thinking and commercial acumen having successfully led top tier global equity and multi-asset businesses," Howes said in a statement.

"During this period the funds management business has grown significantly with funds under management up $20 billion, and Fidante Partners making up $14 billion of this growth."

Hamilton was chosen after an extensive internal and external search, the company said in a statement.

He joined Fidante Partners as head of product and marketing in 2015 and moved to general manager role in 2016.

He starts in his new role on September 23.

He will also continue to oversee the Fidante team until the company finds a replacement, a spokesperson said.

Fidante Partners teams up with active boutique managers, usually providing distribution and back office support in exchange for a minority stake and revenue share.

It now has 16 boutiques with $58.9 billion in total assets under management, making it the eighth largest fund manager in Australia, according to Rainmaker.

It is home to some of the best-performing fixed income managers in Australia, including Kapstream, Ardea and Bentham Asset Management, and has boutique partners in Australian equities, global equities and alternatives.

Earlier this year, it attracted UBS Asset Management's small caps team as they looked to start a boutique after the firm decided to offload its investment management.

Fidante has been working on active ETFs for its active managers, with a launch for Kapstream expected in early October.

Read more: ChallengerFidante PartnersIan SainesNick HamiltonRichard Howes
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