Bennelong launches new investment fund

Boutique investor Bennelong Funds Management is launching a new fund based on Australian shares to be run by staff that it poached from ING's Australian equities team.

Paul Cuddy and Mark East, who were formerly ING's joint heads of equities, will lead Bennelong's new fund, Australian Equity Partners, as chief executive and chief investment officer respectively.

The new fund will be based in Sydney and focus on building a large capitalisation Australian equities business.

Mr Cuddy and Mr East will be joined by Keith Hwang, as quantitative research director, and senior analysts Michael Chun and Michael Malseed.

Mr Chun and Mr Malseed were also members of the ING team where Mr Hwang worked between 2000 and 2005.

Mr Cuddy cited Bennelong's philanthropic agenda - through its Bennelong Foundation - as one of the reasons for his decision to move.

"The social agenda of the foundation and the concept of giving something back is at the core of the Bennelong philosophy, and something which sat really well with us," Mr Cuddy said.

The Bennelong Foundation is the ultimate beneficiary of the group's revenue, which it uses to fund community welfare programs.

Bennelong Group has a funds management and private equity business with interests in Australia, the United Kingdom and the Middle East.

It was founded by businessman Jeff Chapman in 2000 with the proceeds from the sale of sports television and production company, Sportsworld Media Group.