A $157B-AUM Multinational Debuts Its 2nd U.S. MF
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Thursday, January 14, 2021

A $157B-AUM Multinational Debuts Its 2nd U.S. MF

A multinational asset manager with $157 billion in AUM (as of September 30) is launching its second mutual fund for U.S. investors. Watch for the firm's U.S. team to build out in several areas.

Bachar Beaini
First Sentier Investors
Managing Director, Americas
Yesterday, Bachar Beaini, managing director of the Americas for First Sentier Investors (fka First State Investments), and Andrew Greenup, deputy head of listed infrastructure, unveiled the First Sentier American Listed Infrastructure Fund (FLIAX). The new fund is powered by a team based in First Sentier's hometown, Sydney, that manages $7.7 billion: Greenup is the new fund's lead PM, while Jessica Jouning, is assistant PM. (Greenup also co-PM's First Sentier's first U.S. mutual fund.)

Randy Paas, senior director of institutional distribution at First Sentier, notes that, unlike most listed infrastructure funds that investors have access to, the new fund is focused specifically on the U.S., not globally.

In terms of distribution, the First Sentier folks in the U.S. have mostly focused on institutional channels, especially subadvisory relationships with other asset managers, Paas says. (They also offer a CIT for use inside retirement plans.) Yet with the new, they do expect to make more headway with financial advisors and retail investors.

As for First Sentier's presence in the U.S., Beaini notes that they've been building out their private infrastructure investing team here over the last couple of years. He expects to continue to expand that team going forward. And there's one more expansion area on his list.

"We'll selectively add distribution people over year," Beaini tells MFWire. "We're not not driven by just trying to grow. We've got to grow sensibly."

In terms of future products in the U.S., Paas points to one possibility: a version of an ESG listed infrastructure strategy, which they've been offering to European clients for about three years.

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