The Australian market has too many domestic and international fund managers and is heading for a major "structural shift", according to chief executive of Bennelong Funds Management, Jarrod Brown.
In an interview with I&T News, Brown said that while his boutique - which manages around $3 billion for a range of Australian institutions - had experienced a "good run, without pumping up our own tyres," the overall funds industry was overcrowded and not all managers would stay in the market.
"I feel we are at full competition in Australia as an asset management community," said Brown.
"There are probably 400 locally domiciled investment managers and another 400 who try and participate. It's a ridiculous situation and they can't all survive. Everyone is after the superannuation dollar, but I don't think we can continue to incubate our own boutiques and also support so many fly-in-fly-out global managers."
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