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Three men sit huddled together, watching a video that plays on a computer screen in a large-ish empty room. Sounds like a late-night university study session? Only the men are in crisp white shirts, not ... Three men sit huddled together, watching a video that plays on a computer screen in a large-ish empty room. Sounds like a late-night university study session? Only the men are in crisp white shirts, not hoodies. The video on the screen is not that of a pet-owner pulling pranks but of world leaders potentially firing guns on the markets, if only momentarily. This group is Bob Sahota, Simon Petris and David Saija - three of the newest boutique fund managers on the scene. Their private debt boutique Revolution Asset Management is the latest addition to Channel Capital's stables. The trio worked together at Challenger. Petris left for Westpac's asset-backed securities division, Saija went to Kaptsream and Sahota followed a little while after. "Simon was a part of the group when the first incubator deals at Challenger were happening, he was the one pushing me for years to start my own shop," says Sahota, the majority shareholder in the recently-formed boutique. "But I decided to take the safer route and join Kapstream which was an established business then." Fast forward seven months and Kapstream lost its immediate appetite for an illiquid private debt strategy following the Janus Henderson merger. WestPac's ABS division was also scaling down so the trio sought out Berkshire Capital's Nelson Lam, hunting for incubators that would be interested in the private debt strategy. Sahota says halfway through the meeting with Channel Capital founder Glen Holding and other executives, Holding began to pack up. Within a week, Sahota had a term sheet. The team signed a contract in December last year and kicked off on February 1. "I am almost 47-years-old now, I thought if I don't do it now I never will," Sahota says. "I had achieved all I wanted at Challenger, the Kapstream thing didn't work out and I wanted to be mastermind of my destiny and build something from scratch that can have some legacy." "I am earning less than what I have for the last 15 years, it's comes down to passion," he says "But it's also not community service." Revolution Asset Management expects to raise between $3 billion and $5 billion over the next five years if it can execute its business plan. Sahota says the firm will break even when the first $300 million is deployed in the coming 12 months. They will add a junior role in the coming months, and will hire mid-level to junior experience as it starts to deploy separately managed accounts. Five-minutes away from Sahota's glass cubicle in Channel Capital's Sydney-based offices, another team of boutique managers is rapidly raising capital. In May, Macquarie's absolute return team left en masse to start Firetrail Investments at another multi-affiliate in Pinnacle Investment Managers. The team of 10 will have raised $2 billion by September 30 - and it's double the estimate reported by the media in August for the boutique's absolute return and high conviction fund. An IPO for a listed income investment company is already on the way. If it goes through, the boutique may break even this year. Firetrail and Revolution are just two of this year's new crop of boutique managers.Read more

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