ANZ and Blackstone launch wealth fund in Australia

ANZ and Blackstone launch wealth fund in AustraliaUS-based private equity firm Blackstone and Australian bank ANZ have launched a wealth management fund for the Australian market. The Graphene Alternative Fund is aimed at ANZ’s private banking clients. Managed by Blackstone and overseen by Joe Dowling, global head of Blackstone multi-asset investing (BXMA), and David Ben-Ur, chief investment officer of BXMA's absolute return arm, the fund will adopt an absolute return strategy. "The strategy culminates a broader change to ANZ Private's strategic asset allocation, which includes a doubling of our allocation to alternative assets," said Lakhsman Anantakrishnan, chief investment officer of ANZ's private banking unit. The change is necessary because of what is likely to be an increasingly volatile market, said Anantakrishnan. “In the decade ahead, we expect global markets to be transformed by major structural themes including disruptive technology, global demographics, and the green energy transition. “We believe hedge funds will play an increasingly important role in multi-asset portfolios as investors look to navigate this change.” ANZ is also looking to capitalise on the $3.5 trillion intergenerational wealth transfer, forecast to occur in Australia over the next 20 years, according to the country’s Productivity Commission. © 2024 funds global asia

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