AMP Capital’s Dermot Ryan and Tom Young have taken their $600 million odd tax-aware equity income fund’s strategy to Renaissance Asset Management, as their old employer bids farewell to its listed equities and fixed income business.
and Tom Young have taken their $600 million odd tax-aware Equity Income Generator strategy to Renaissance Asset Management, as their old employer bids farewell to its listed equities and fixed income business.
But they will be starting fresh in terms of money because their old FUM’s gone to Macquarie Asset Management. The strategy was $600 million at its peak, with a 60:40 split between retail and institutional. It did 9.3 per cent annualised returns since inception and 11 per cent over the three years to February end.Renaissance Asset Management’s focused on small caps, mid-caps and REITs so far, and so the AMP Capital strategy, with its focus on larger caps, won’t have overlap with Renaissance’s existing offering.
They founded the firm in 2003 after a similarly blessed strategy transfer from Rothschild Asset Managementa. Fleming had been the head of smaller caps and another ex-Rothschild investor Damien Barrack co-founded the listed property investing unit.
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