Challenger's Fidante Partners has signed on a private equity manager focused on food and agribusiness.
Fidante will market Minneapolis-headquartered Proterra Investment Partners' Asia Food Strategy to European investors.
Proterra has $4.4 billion in total assets, of which $1.4 billion in the Asia arm that operates out of Singapore, Shanghai and Mumbai."This partnership with Proterra is part of Fidante's broader strategic plan to successfully build our European product set as well as our global distribution footprint," Fidante Partners head of distribution David Cubbin said.
"Proterra Asia's food strategy offers an appealing investment prospect for investors, tackling increasing demand for quality food in Asia. Demand for premium foods in Asia is stronger than ever, primarily driven by a new generation of higher income consumers who are hyper connected through the Internet and increasingly prioritising health and sustainability."
Protera Asia managing partner Tai Lin said Asia is forecasted to double its total spend on food over the next decade from around $5.5 trillion in 2020 to about $10 trillion by 2030.
"Teaming up with Fidante is a very positive business culture fit for us. Their experience and support will be invaluable as we position the firm for our next phase of growth," Lin said.
"We believe this thematic investment trend is a compelling proposition, especially given that the sector has proven to be exceptionally resilient and has historically performed well through recessions..."
Fidante Partners attracted $3.8 billion in net inflows ($2.3 billion from instos and $1.5 billion from retail) for the period with strong fixed income and equity flows. Its performance fees were up $11 million but Europe transaction fees were down $4 million.