Fidante acquires minority stake in Fulcrum AM
A new strategic partnership between Fulcrum Asset Management and global investment management firm Fidante will see Fidante become a minority investor.
Fidante will acquire a minority stake in Fulcrum and also gain exclusive distribution rights for Fulcrum’s products across Australia, New Zealand and Asia, subject to regulatory approval.
The investment provides an exit for one of Fulcrum’s co-founders, Andrew Stevens, who retired as chief executive in December 2022, while the other co-founder, Gavyn Davies, remains in his role as executive chair.
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London-headquartered Fulcrum, which was founded in 2004, manages more than £6bn in assets, across discretionary strategies, alternative solutions and quantitative strategies.
“A partnership with Fidante will allow us to enhance client outcomes by adding new sources of uncorrelated return to portfolios and investing in long-term research projects,” said Suhail Shaikh, chief investment officer at Fulcrum.
Shaikh confirmed that, as part of the transaction, executive partners also increased their ownership of the business.
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“There is strong alignment between the culture and aspirations of both firms, and we are excited to work with Fidante to broaden access to our strategies for Australian and Asian investors. Fulcrum remains majority owned by its partners and employees,” added Joe Davidson, managing partner at Fulcrum.
Fidante is part of Challenger Limited, an ASX-listed investment management company.
“The partnership strengthens Fidante’s growth strategy by expanding its alternatives offering at a time of rising client demand,” Victor Rodriguez, Challenger chief executive, funds management, said.
“We are excited to be partnering with Fulcrum, a firm with a long and successful track record in macro strategies. Their expertise is a compelling addition to Fidante’s affiliate network and creates new opportunities for investors seeking world-class alternatives.”
Piper Sandler & Co acted as exclusive financial adviser and McDermott Will & Schulte as exclusive legal counsel to Fulcrum in connection with the transaction.
