Martin Lawrence, Investor Weekly, 2 September 2002
PRIVATE equity consultant, Principle Advisory Services, has appointed a new associate director as it closes on its first superannuation fund client. Former Gresham director, Les Fallick, set up Principle - which consults to private equity managers, investors and companies seeking capital - in February this year.
As a result of client numbers growing to 12 over the year, Principle recently appointed former marketer, Lachlan Douglas, as associate director (see appointments) and Fallick said Principle was now close to reaching an agreement with its first superannuation fund client to provide strategic advice on private equity.
"There's a lot of demand for the service because in private equity the independent advice suppliers have evaporated - everyone is a product-pusher but we're not out trying to raise money for private equity funds," he said.
Principle advises private equity managers on how to present themselves to institutional clients, but does not undertake marketing on their behalf.
Its clients include AMP Henderson, Deutsche Bank, ANZ and Westpac (which Principle advised during the purchase of Hastings Funds Management).
Principle also provides advice to Wilshire Associates, the consulting and fund-of-private equity-funds firm.
In Australia, the only other consulting firm specialising in private equity is Quentin Ayers, which changed its business from full investment consulting last year.