An ASIC report notes the boom in demand for this asset, saying it heightens the need for “better-quality data” about the size of this sector where estimates range between $1.8 billion and $188 billion.
CPA Australia has weighed into the debate about the cost to oversee the industry, adding its voice to those who argue the fee structure favours the larger funds.
Vale George Vassos: business builder and family man
George Vassos, a well-regarded funds management industry identity, passed away last Thursday, December 1, after a battle with cancer. He was 47.
Vassos was a co-founder and the managing director of Omega Global Investors, a $3.4 billion Melbourne-based global investment boutique, which was launched at the height of the global financial crisis in 2008.
The manager has four main strategies: global bonds, global listed infrastructure and Australian core bonds and Australian cash. Each of these has performed strongly, in terms of both returns and inflows, due to market movements and manager skill – hence the $3.4 billion under management.
Omega now has a staff of 13, including the other two co-founders: co-investment directors Mathew McCrum and Andrew Gruskin. Management also includes Scott Lawrence, the head of investment solutions, quant manger Shan Kwee, investment analyst Andrew Cleeland and head of operations Andrew Dunlevie.
McCrum said over the weekend that it was a difficult time for him and the others at Omega but they wanted to make sure George’s legacy was preserved through the continued smooth operation of the business.
“Over the last couple of days we’ve had a lot of sensational good wishes from friends and clients,” McCrum said. “It helps to know how well George is being remembered.”
Prior to starting Omega, Vassos spent about nine years at Vanguard in Melbourne, where he built the firm’s relationships with financial advisors, platforms and multi-managers. He had previously spent six years at Colonial Group focusing on investment operations.
McCrum will be acting as managing director for Omega until a decision is made on a permanent successor.
Vassos is survived by his wife, Shannon, and three daughters.
The funeral is at Tobin Brothers Reflections of Life Chapel at Doncaster, Melbourne, at 2pm on December 8.
