Challenger-Backed Five Oceans Plans to Double Funds This Year

Five Oceans Asset Management, the Australian money manager 25 percent-owned by Challenger Ltd., said it plans to double its funds to at least A$1 billion ($1.04 billion) by the end of this year after winning work from a government pension plan.

Five Oceans said today it will manage A$150 million of global equities for Local Government Super. That award takes Five Oceans’ funds under management to A$500 million, Chief Executive Officer Ross Youngman said in an interview.

Demand in Australia for money managers who invest in stocks worldwide is increasing and Five Oceans plans to open an office in London next year, Youngman said. Shares of Coach Inc., the U.S. leather goods maker, miner Xstrata Plc and Apple Inc. are among the asset manager’s biggest holdings, he said.

“Global equities is a product that sells well over here,” said Sydney-based Youngman.

To contact the reporter on this story: Angus Whitley in Sydney at awhitley1@bloomberg.net

To contact the editor responsible for this story: Philip Lagerkranser at lagerkranser@bloomberg.net

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