Australian discretionary fund manager (DFM) Rivkin has partnered with former Dolfin portfolio manager Alex Eventon to launch a UK-based fund management business.
The firm called Ramco Asset Management will, once it receives its regulatory permissions, take over management of two existing Rivkin funds, Rivkin Local Balanced and Balanced Growth, and launch UK versions. The company also plans to launch an unconstrained bond fund later this year.
‘Once we have received approval the plan is to make Ramco the global investment headquarters for an international fund management business,’ said Eventon, who becomes managing director of Ramco and CIO of Rivkin. ‘We will focus on a simple total return product range and attracting top quality talent that has become disenfranchised by the big institution culture, outlook and addiction to out-of-date product fees.’
The firm has A$100 million (£73 million) of asset under management in its two existing funds.
The funds are run as total return vehicles, with Local Balanced targeting 10%-15% a year, with Balanced Growth aiming for 13%-18%. The bond fund will not have a target. Local Balanced has returned 18.9% annualised over the past three years, with Balanced Growth returning 24.87% annualised over the same period.
The firm aims to hire 12-18 staff.
Rivkin was started by one of Australia’s most infamous financial criminals, Rene Rivkin, in 1997. In 2001, he was banned for life from stockbroking for insider trading, but the company opted to keep the name.