Magellan chairman Andrew Formica says its tie-up with Australian quantitative equity fund Vinva can help the boutique firm double the size of its business by taking its strategies beyond cost-obsessed superannuation funds.
The ASX-listed manager announced on Thursday that it had snapped up a 29.5 per cent stake in Vinva, a $22 billion hedge fund founded in 2010 by former Barclays Global Investors chief investment officer Morry Waked.
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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
