Equity Trustees (EQT) has been appointed responsible entity (RE) for thirteen funds managed by Ventura Investment Management and All Star Funds, which together form the management arm of Centrepoint Alliance.
Head of EQT corporate fiduciary and financial services Harvey Kalman said Ventura had been seeking an appropriate way to manage conflicts of interest.
EQT's business was about investor best interest, and outsourcing RE functions could help control costs and remove potential conflicts of interest, according to Kalman.
Apostle signed on with EQT as RE in July, which Kalman said was about increasing operational efficiencies. He said others sought to cut costs or outsource the function to a specialist such as EQT.
"You've always got to have someone who's looking at that best interest of investor as their primary objective," he said.
Kalman said EQT had recently been appointed as new RE for a number of boutique and international clients, including Taurus, 90 West and Eaton Vance, and were in advanced discussions with another fund manager.
Kate Mulligan, managing director of Ventura and All Star Funds, said EQT had been chosen after a lengthy review process had found switching from internal management to EQT as independent RE gave investors a higher level of protection.
The Ventura funds are multi-manager, multi-asset funds, while the All Star funds are high alpha, single manager funds with a core and satellite approach.
