Advance Asset Management has sold the management rights for two of its Australian retail funds for more than $650 million to focus on multi-manager funds, Financial Standard reports. The funds were acquired by equity fund manager Maple-Brown Abbott (MBA). Ironbark Asset Management has been appointed by MBA to offer wholesale distribution services for its Imputation Fund and Australian Geared Equity Fund. Ironbark is currently responsible for about $2 billion of fund assets. Advance will remain the entity responsible for the funds, overseeing all client services.
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