Viridian has unified its investment capabilities under the Infinity branding, bringing together its asset management and private portfolios under one brand.
This follows sustained investment in portfolio management, research, middle office and distribution capabilities where Infinity now manages more than $5.5 billion and supports more than 500 family groups and not-for-profits through its Private Portfolios.
Infinity’s investment offering now spans retail managed account portfolios, unit trusts in Australian equities and private markets through to bespoke private portfolios. Within this, managed accounts make 65 per cent of total assets under management (AUM) with demand most popular for its multi-asset portfolios.
The firm has run the two brands since 2016.
By partnering with Infinity on portfolio management, it said advisers can remain focused on delivering the strategic advice and client relationships that matter most.
Speaking to Money Management, chief investment officer Piers Bolger said Viridian has sought to adjust as the market and adviser needs evolve.
“I have been with the firm since 2016 and the investment landscape has evolved, it’s been a dynamic environment with the number of advisers and advice firms, the money coming in from the transfer of wealth and superannuation which continues to grow so the importance of providing advice remains critical.
“The role we play from an investment perspective and how we support advisers is really important and the advantage we have at Infinity is how we engage with external groups, we understand the challenge they face.”
These difficulties include the supply/demand imbalance with around 15,000 advisers in the marketplace simultaneously with an increased demand for advice from consumers.
“The biggest challenge I see for advisers is dealing with the number of clients they have. The need for advice is ever present but fewer advisers makes it more challenging. Getting more advice to more Australians is a multi-generational issue, it won’t be fixed overnight.”
With the unification of the divisions, it has expanded the investment leadership team with several internal promotions including Melissa Goodman as head of private portfolios, Chris Reynolds as head of research and Andrew Devonport as head of product.
Prior to the promotions, Devenport was an associate while Reynolds was a senior investment analyst and portfolio manager and Goodman was a portfolio manager.
“In particular, we see the product role as being really critical in terms of how we should be thinking about strategies that may be appropriate given the changing market landscape and demands from advisers,” Bolger added.
TA Associates
Last year, global private equity firm TA Associates took a stake in Viridian and Bolger said he welcomes their growth mindset.
As well as the stake for an undisclosed sum, TA Associates Asia-Pacific head, Edward Sippel and senior vice president Lily Xu joined the Viridian board while former co-CEO Raamy Shahien was promoted to the CEO role last April.
Expected growth from the TA Associates stake includes expanding the number of financial advisers as well as selective acquisitions and partnerships to strengthen its presence in key markets.
Bolger said: “The deal has been terrific, it followed a long period of due diligence by both parties and TA want to grow alongside what we want to do as a business. It reflects the underlying strength of the business as well as the broader opportunity set more broadly.
“They are a growth private equity manager and are focused on how they can support us, that’s all we can ask for.”
Speaking at the time of the deal, Sippel said: “Across our global wealth management investments, our focus is first and foremost on client outcomes and alignment with advisers. We are pleased that the Viridian team shares this commitment. We have high conviction in the long-term potential of Australia’s large and growing wealth management market, and believe there is a significant opportunity to scale Viridian’s platform both organically and through strategic acquisitions.”
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