IMB launches funds management arm

Illawarra Mutual Building Society has entered funds management with the launch of IMB Matrix Asset Management. It will be headed by Brian Ingham as managing director and Rob Ellis as portfolio manager, both from BNP Paribas.

IMB Matrix Asset Management will offer share funds, a long/short hedge fund, fixed interest fund and protected equity products, said Mr Ingham.

IMB's CEO Wayne Morris said that the launch of IMB Matrix Asset Management is a core initiative in the ongoing growth of the IMB group. It comes after a year which has seen the acquisitions of Australian Unity Building Society and the Canberra-based King Financial Services, in addition to a strategic alliance with Victoria-based Australian Unity Group.

IMB now has total assets under management of close to $2.5 billion and is represented in most Australian states.