A former director in NAB's private bank has set up a funds management distribution business, and has signed a UK fund manager as its first client.
Richard Borysiewicz, who was a private client director at NAB Private focusing on high-net-worth clients, has set up Strathnaver Capital to distribute funds in Australia.
"It will represent a small selection of investment managers and be their country representative in Australia," Borysiewicz told Financial Standard.
"We will focus on institutional and wholesale market, including dealer groups and model portfolios, managed accounts and private banks," he said.
The firm is in negotiations with a few overseas managers, after scoring its first client.
It is starting with UK-based emerging markets manager Somerset Capital, which currently offers its dividend-growth strategy in Australia through a locally domiciled fund.
Somerset has so far raised about $100 million, with its team flying in and out of Australia, but going forward Strathnaver will be its country representative.
Borysiewicz says while COVID-19 may slow down plans, he expects to be distributing three or so managers by mid year.