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Ironbark restructures two funds

Ironbark Asset Management has appointed two managers as it restructures two previously multi-manager funds with the aim of improving liquidity and pricing.

The Ironbark LHP Diversified Investments was previously managed by Lighthouse Partners, which selected 25 to 50 sub-managers of alternative strategies to build a portfolio.

Ironbark has handed over the management of the strategy to London-based, multi-asset manager Fulcrum Asset Management.

Ironbark already has a relationship with Fulcrum, via Ambassador Funds Management Services which it acquired last year. Ambassador did the institutional distribution for Fulcrum in Australia.

Now, Fulcrum will also take over the management of the previously multi-manager fund effective around November 2. The $160 million fund will be renamed Fulcrum Diversified Investments.

The second fund getting rejigged is the $65 million Ironbark LHP Global Long/Short Fund for which Ironbark has appointed New York based Apis Capital Advisors as the manager.

The change, which comes into effect around October 1 will see it renamed to Apis Global Long/Short Fund.

Ironbark will also become the exclusive distribution partner for Apis in Australia in institutional and wholesale market.

"Over a number of years, we have had a long and strong relationship with Lighthouse but we had client feedback that liquidity and fee structure [for the two funds] were a challenge for the retail market," said Ironbark Asset Management head of funds management Alex Donald.

He added the firm will continue to represent Lighthouse in the institutional space.

"We are committed to the multi-manager global long/short strategy in insto and private wealth space," he said.

The fees will come down by about 2.5% for the two funds, while the liquidity will move from monthly to daily.

Ironbark Asset Management manages about $20 billion. About 25.6% of the company is owned by Washington Soul Pattinson, with the rest split across the employees and other external shareholders.

Read more: Ironbark Asset Management
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