Epic startup gains $130m boost

MONTAGU Stockbrokers and former AMP State manager David Newman have amassed more than $130 million to kick start their new boutique financial services company Epic Asset Management.

The start-up funds under management come from Montagu’s and a handful of other industry members willing to support the Epic model.

Mr Newman said Epic would offer a wide range of services from retail financial services through to back office administration for third parties but maintaining a theme of independence.

The company has leased premises at the Southshore Centre in South Perth and is in the midst of employing about a dozen staff required for the start-up organisation. A stock market float is considered likely in the future.

“We are broad in the sense that we have defined our market and want to deal with the top end,” Mr Newman said.

“We did not take an existing business and say that is what we want. There is a lot of anecdotal evidence that suggests a lot of high net worth retail clients are not satisfied by large financial planning outfits which are owned by large players.”

Among the services the company is looking to offer are direct retail services, a dealer services operation that supports other financial services players to any degree they want, strategic partnerships with certain financial services players and corporate superannuation services.

Mr Newman said Epic would be completely separate from Quest Investment Services which is jointly owned by Montagu’s and accounting firm PKF.

He said Epic had not hired anyone from Quest at this stage.

“At the end of the day, whether they come from Quest is neither here nor there, we want the right people,” he said.

Mr Newman said Epic was hoping to complete negotiations for seed capital this week but was not going on an acquisition spree.