Home / Tyndall name fades away but value process reigns

(Pictured: Mike Davis)

The Tyndall name, which has been synonymous with value management in Australian funds management since 1989, is to be phased out by parent Nikko Asset Management, as the Japanese firm further integrates the local offering with its regional and global presence.

Tyndall was formed from the remnants of a former high-flying growth manager, Clayton Robard, which became a victim of the 1987 sharemarket crash. The new value process was developed at a time when the Australian market had very few value managers to choose from, the main ones being Rothschild and Maple-Brown Abbott (itself started by a former Rothschild manager, the late Robert Maple-Brown).

In the ups and downs of the following two decades, including two ownership changes and the torrid time, for value managers, of the tech boom, Tyndall remained true to the process. It outlasted Rothschild, which was sold to Westpac after a period of outflows during the tech boom and a switch in style to what it coined “short-term value”.

The name change, to Nikko Asset Management, is to take place across Australia and New Zealand but will take some time given the large number of trusts and funds under the umbrella. The manager has about $24 billion in Australian-sourced assets in a range of equities and fixed interest strategies. It also has a new big multi-asset unit, staffed in Singapore and run by Australian Al Clark.

Nikko AM plans to introduce several global strategies through its local subsidiaries in Australia and New Zealand in the coming months, while continuing to offer products investing in local securities, according to a statement last week. The move will allow the firm to leverage its global resources in meeting the varied needs of investors.

Mike Davis, the managing director of Nikko AM Australia, said: “We are very pleased to be expanding our global offering to Australian investors… The evolution of our business over the past three years as part of Asia’s premier global asset manager has added to our depth of investment capabilities to meet the sophisticated needs of our clients in this competitive environment…”

In Tokyo, Takumi Shibata, president and chief executive officer, said: “We are one company and therefore should share one name globally as Asia’s premier global asset manager. The investment teams, the sales and marketing teams and the back office teams are all working collaboratively for the benefit of our clients. One brand simply reflects what is already working for us.”

Last week also marked the last day for Tyndall’s veteran equities chief Bob van Munster, who announced his pending retirement earlier this year. He has bought a farm near the coast in northern NSW.