The firm, which had $5 billion in assets under management, would now be run by Allfrey and Raaz Bhuyan who joined the firm as a principal in 2014, also from Colonial First State.
It ran a flagship Australian Share fund which was launched in 2006 followed by Absolute Return then the Dynamic Australian Equity launched in 2009. The Dynamic fund was the winner in the Long/Short Equities category at last year’s
Money Management Fund Manager of the Year awards.
According to FE Analytics, the Australian Share fund had returned 27.1% over one year to 31 May versus returns of 28.2% by the Australian Core Strategies Australian equity sector.
WaveStone Capital principal Graeme Burke bows out afr.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from afr.com Daily Mail and Mail on Sunday newspapers.
Bond yields take wrecking ball to equity markets
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A sharp rise in bond yields turned investors fearful on Friday, setting off a sell-off in global equity markets that crippled growth stocks and knocked the Australian dollar off its three-year high above US80¢.
Expectations for a swift recovery in the global economy that will be accompanied by long-dormant inflation have infiltrated the bond market and sent yields soaring on Thursday, but the biggest pain was felt in technology stocks from Wall Street to the ASX’s buy now, pay later heroes.
“This reporting season has been the best that I can remember [except] maybe the first year of the recovery post the GFC.”