K2 Asset Management Ltd

What K2 Asset Management Ltd does

K2 Asset Management Ltd is a Melbourne-based financial services firm established in 1999 and operating as a wholly owned subsidiary of ASX-listed K2 Asset Management Holdings Ltd (ASX: KAM). The firm holds Australian Financial Services Licence 244393 and operates across three business pillars: Funds Management (running its own active strategies in Australian equities, global equities, small caps, and alternatives), Responsible Entity and Trustee Services (providing licensed RE/trustee, custody oversight, registry, and compliance infrastructure to third-party fund managers), and ETFs (issuing and distributing exchange-traded funds on the ASX). Its product suite spans hedge funds (K2 Australian Small Cap Fund, ASX: KSM), fund-of-private-equity vehicles (CD1-CD4), a Bitcoin ETF (Digital X BTXX), active ETFs (Savana US Small Caps SVNP, Lion Active ROAR), and the recently launched Delta-G Global Growth Fund targeting global AI secondaries.

The firm serves three primary customer segments: self-managed super fund (SMSF) investors and retail/wealth clients (accessed via platform distribution through Macquarie, BT/Pendal, NetWealth and Praemium), wholesale and professional investors (for hedge fund and private market strategies), and other investment managers (which engage K2 as Responsible Entity for their own funds, creating a B2B service line). Revenue is generated through management fees on AUM (typically 0.90% to 1.31% depending on strategy), performance fees on selected strategies (notably 15.38% on the K2 Australian Small Cap Fund), and recurring RE/trustee service fees across the third-party fund book. Distribution is hybrid: ASX listing provides liquidity and brand visibility for ETFs and listed funds, while direct and adviser channels support unlisted and wholesale products.

Leadership has been actively refreshed in 2025-2026, with Hollie Wight appointed CEO in January 2025, Mike Magee joining as General Counsel in October 2025, and Andrew MacDonald joining the board as Non-Executive Director in June 2026. The firm has launched multiple new products and partnerships in 2026 (Delta-G Global Growth Fund in May, Lion Active ETF and Lioncrest Partners partnership in June), signalling a deliberate expansion of product surface area and a tilt toward AI-themed strategies as both product and distribution themes.

Name

K2 Asset Management Ltd

Legal name

K2 Asset Management Ltd

Website

https://k2am.com

Company type

Public

Founded year

1999

Operating status

Operating

Short description

K2 Asset Management Ltd is a Melbourne-based, ASX-listed (via parent KAM) financial services firm operating funds management, responsible entity/trustee services, and ETFs, serving SMSFs, wholesale investors, and third-party investment managers across Australian and global strategies.

Ownership category

akta.pro rank

Product category

Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910), Other Investment Pools and Funds (5259), Finance and Insurance (52)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211), Finance Services (6199)

akta.pro primary industry

Secondaries Co-Investments & Annex Funds (FSANAFAF)

akta.pro secondary industries

LP Secondaries — Buyout Funds (FSAHALAA), LP Secondaries — Growth Equity Funds (FSAHALAC), Secondary Offerings & Share Sales (Secondary Placements) (FSACAAAG), Business Services (B2B) Growth Equity (FSANACAD)

Keywords

• Funds management
• Responsible entity services
• Exchange traded funds
• Asset management
• Investment management

Headquarters

HQ city

Melbourne

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Management Fees: Base management fees charged on assets under management. For K2 Australian Small Cap Fund: 1.31% p.a. (incl. GST & RITC). For Apostle Dundas Global Equity Fund Class D: 0.90% p.a. (inc. GST & RITC).
2. Performance Fees: Performance-based fees when fund returns exceed specified benchmarks or high water marks. K2 Australian Small Cap Fund: 15.38% p.a. (incl. GST & RITC) of amount by which NAV exceeds High Water Mark, subject to a net 6% p.a. hurdle rate.
3. Responsible Entity Services: Fees charged to external investment managers for RE services including fund launch, compliance management, ETF administration, market making, and operational support.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

K2 Asset Management is a diversified Australian financial services firm that runs three core pillars: (1) Funds Management, where it manages proprietary active and absolute-return strategies such as the K2 Australian Small Cap Fund; (2) Responsible Entity (RE) and Trustee Services, providing fund compliance, administration, market making, and ASX/Cboe admission support to external investment managers; and (3) Exchange Traded Funds, issuing and managing ASX-listed ETFs across Australian small caps, global equities, US small caps, private equity vintages, and bitcoin exposure.

Product overview

K2 Asset Management Ltd operates as a diversified financial services firm with three core pillars: Funds Management, Responsible Entity (RE) and Trustee Services, and Exchange Traded Funds (ETFs). The company offers a comprehensive suite of investment products including their flagship K2 Australian Small Cap Hedge Fund (ASX: KSM), multiple CD Private Equity Funds (CD1, CD2, CD3, CD4), the Apostle Dundas Global Equity Fund - Class D Active ETF (ASX: ADEF), Digital X Bitcoin ETF (ASX: BTXX), Savana US Small Caps Active ETF (ASX: SVNP), and Lion Active ETF (ASX: ROAR). K2 also provides bespoke Responsible Entity services to investment managers and institutions, supporting diverse asset classes including equity funds, fixed income, property, derivatives, digital currency, and multi-asset funds. The company launched Australia's first wholesale private global AI secondaries fund (Delta-G Global Growth Fund) in May 2026.

Differentiator

Problem solved

Functional benefit

Products and services

• K2 Australian Small Cap Hedge Fund - Complex ETF (ASX: KSM) ASX-listed complex ETF providing investors opportunity to invest in diversified Australian Small/Mid cap equities fund directly via the ASX. Long/short mandate seeking absolute returns through active equity and cash exposure management. For investors seeking intraday liquidity and active management of small cap exposure.
• Apostle Dundas Global Equity Fund - Class D Active ETF (ASX: ADEF) Active ETF investing in global equities managed by Edinburgh-based Dundas Global Investors, focused on delivering rolling five-year returns in excess of 2.5% p.a. of the MSCI All Country World Index (ex Australia) before fees, with emphasis on both capital growth and dividend income. For investors seeking global equities exposure with an active manager mandate.
• CD Private Equity Fund I (ASX: CD1) ASX-listed fund focused on investing alongside specialized private equity funds targeting middle-market operating businesses in the US, through partnership with Cordish Private Ventures. For investors seeking exposure to US middle-market private equity.
• CD Private Equity Fund II (ASX: CD2) Second vintage of the CD Private Equity Fund series, focused on US middle-market private equity investments through partnership with Cordish Private Ventures. For investors seeking continued exposure to Cordish's US middle-market private equity strategy.
• CD Private Equity Fund III (ASX: CD3) Third vintage of the CD Private Equity Fund series, focused on US middle-market private equity investments through partnership with Cordish Private Ventures. For investors seeking further exposure to Cordish's US middle-market private equity strategy.
• CD Private Equity Fund IV Fourth vintage of the CD Private Equity Fund series, focused on US middle-market private equity investments through partnership with Cordish Private Ventures. For investors seeking continued exposure to US middle-market private equity.
• Digital X Bitcoin ETF (ASX: BTXX) ETF aiming to deliver return that tracks the performance of Bitcoin price (before fees and expenses) calculated by reference to the CME CF Bitcoin Reference Rate. The fund holds substantially all assets in long-term Bitcoin holdings and is a passive holder of Bitcoin. For investors seeking transparent Bitcoin exposure via an ASX-listed vehicle.
• Savana US Small Caps Active ETF (ASX: SVNP) ETF providing opportunity to invest in a fund seeking to outperform S&P 600 Total Return Index over medium to long term investment horizon. Uses proprietary AI-enhanced collective intelligence valuation technology to identify undervalued equities. For investors seeking AI-enhanced US small caps exposure.
• Lion Active ETF (ASX: ROAR) ETF investing in global fast-growing listed companies with market capitalizations over A$1 billion across technology, healthcare, and consumer sectors. Seeks capital growth in excess of Solactive GBS Global Markets Large and Mid Cap USD Index. For investors seeking global growth equities.
• Delta-G Global Growth Fund Australia's first wholesale private global AI secondaries fund, providing concentrated secondary market exposure to global private pre-IPO AI companies alongside the fastest-growing emerging players in the AI sector. For wholesale investors seeking AI private market exposure.
• Adamantos Fund Hedge fund launched by Sava Mihic with backing from Kerr Neilson (founder of Platinum Asset Management) and Jim Simpson. The strategy has delivered annual return of 13.8% and 12.28% in 2025. For investors seeking hedge fund strategy exposure.
• K2 Opportunities Fund Unlisted managed fund managed by K2, providing investment opportunities in diversified portfolio. For investors seeking diversified portfolio exposure via a directly applied unlisted managed fund.
• Venture Capital Opportunities Fund Fund providing individual investors exposure to Square Peg Capital's Square Peg Fund II, targeting investments in early stage businesses at the outset of their growth trajectory. For investors seeking venture capital exposure.
• Apostle Diversified Global Credit Fund Diversified global credit investment fund managed by Apostle. For investors seeking diversified global credit exposure.
• Apostle Alternative Multi-Asset Fund Multi-asset alternative investment fund managed by Apostle. For investors seeking multi-asset alternative exposure.
• Hamilton12 Australian Shares Income Fund Australian shares income fund managed by Hamilton12. For investors seeking income-oriented Australian equities exposure.
• Minotaur Global Opportunities Fund Global opportunities fund managed by Minotaur. For investors seeking global opportunities exposure.
• Select International Alpha Fund International alpha fund with underlying investment in GAM Star Alpha Technology Fund (now managed by Liontrust Investment Partners LLP since May 2024). For investors seeking international alpha strategy exposure.
• Stake Accumulate Fund Fund managed by Stake. For investors seeking exposure through Stake's accumulation strategy.
• Storehouse Residential Trust Residential property trust (closed to new retail and SMSF applications, open for institutional investors via segregated class of units). For institutional investors seeking residential property exposure.
• S64 Hg Fusion Private Capital Access Fund Fund providing investors exposure to Hg Fusion Private Capital Fund. For investors seeking private capital access via the Hg Fusion strategy.
• Responsible Entity (RE) and Trustee Services Bespoke RE and trustee services for external investment managers and institutions, including fund launch, compliance management, ETF administration, market making, and ASX/Cboe admission process for ETFs. One-stop-shop service for investment managers looking to offer ETFs. For investment managers and institutions seeking outsourced compliance, fund administration, and ETF launch support.

Quantifiable outcome

• K2 Australian Small Cap Fund delivered 3.9% p.a. since inception (1 December 2013) net of fees as at 30 June 2026

Named customers2 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability3 records

Feature1 record

Partnerships

Eight partnerships are on record, tiered core.

• Lioncrest Partners Pty LtdcoreTechnology or Integration · 1 June 2026Lioncrest formed in 2024 by Michael Frazis, Edward Myer, Angus Walker, and Chris Coen. K2 serves as issuer and Responsible Entity for Lion Active ETF (ASX: ROAR) launched June 2026. Fund invests in global fast-growing listed companies in technology, healthcare, and consumer sectors.
• Delta-G Management Australia Pty LtdcoreTechnology or Integration · 1 May 2026Delta-G is a globally focused fund manager established by three Australian investment and capital market professionals with 45+ years combined experience. K2 is issuer of Delta-G Global Growth Fund, Australia's first wholesale private global AI secondaries fund.
• Dundas Global InvestorscoreTechnology or IntegrationEdinburgh-based independent global equity investment manager. K2 serves as Responsible Entity for Apostle Dundas Global Equity Fund Class D Active ETF (ASX: ADEF). Dundas manages global equities strategy pursuing capital and dividend growth through 50-65 stock portfolios focused on high real book value growth companies.
• Cordish Private VenturescoreTechnology or IntegrationPrivate investment arm of fourth-generation US family company The Cordish Companies. K2 serves as Responsible Entity for CD Private Equity Fund Series (ASX: CD1, CD2, CD3, CD4) investing alongside Cordish in middle-market US businesses.
• DigitalX Asset Management Pty LtdcoreTechnology or IntegrationInvestment manager of Digital X Bitcoin ETF (ASX: BTXX). K2 serves as Responsible Entity for this ETF providing exposure to Bitcoin via CME CF Bitcoin Reference Rate. DigitalX provides digital asset investment products.
• Fat Prophets Funds Management / Savana Asset ManagementcoreTechnology or IntegrationFat Prophets has 20-year track record in funds management. K2 serves as Responsible Entity for Savana US Small Caps Active ETF (ASX: SVNP). Savana Asset Management provides AI-enhanced investment decisions using proprietary valuation methodology.
• Solactive AGcoreTechnology or IntegrationSolactive provides iNAV (intraday indicative NAV) calculation and verification services for K2's ETFs. iNAV is provided as a continual feed for ETF pricing.
• BoardRoom Pty LtdcoreTechnology or IntegrationUnit registry service provider for K2 funds. Listed in privacy policy as a related entity to which investor information may be disclosed.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Pinnacle Investment Management Group Limited: ASX-listed Australian multi-boutique asset manager that partners with multiple affiliate investment managers to distribute and operate funds — structurally analogous to K2's combination of Funds Management and Responsible Entity Services. Both monetize manager affiliation and platform scale.
• Platinum Asset Management Limited: ASX-listed boutique active global equities manager with both unlisted funds and ASX-listed ETFs (Platinum Global Fund and ETFs). Highly relevant to K2's Australian small cap and global equities (ADEF) franchise, with similar fee structure including performance fees.
• Regal Partners Limited: ASX-listed Australian alternative investment manager with active equities, private markets, and RE-like platform services offering. Comparable to K2 as a listed boutique/alternative investment platform mixing active funds and externally managed vintages.
• Magellan Financial Group Limited: ASX-listed Australian boutique active manager with global equities and infrastructure strategies distributed via ASX-listed funds and direct channels. Comparable to K2 as a listed Australian active asset manager with ASX-listed products and wholesale distribution.
• Antipodes Partners: Australian boutique global equities manager with an ASX-listed active ETF (ATAP). Closely comparable to K2's Apostle Dundas Global Equity Fund (ADEF) and Savana US Small Caps (SVNP) offerings — boutique active global-equity ETFs distributed via ASX.
• BetaShares Capital Limited: Major Australian ETF issuer (now majority owned by Mirae Asset) offering a broad range of ASX-listed ETFs across equities, commodities, and crypto (e.g., Bitcoin ETF). Directly comparable to K2's ETF issuance, market-making, and ASX-listing capabilities.
• Equity Trustees Limited: ASX-listed Australian trustee and responsible entity services provider that administers third-party funds — the most direct comparable to K2's Responsible Entity and Trustee Services pillar. George Boubouras (K2 MD) was previously CIO and Head of Asset Management at Equity Trustees.
• Contango Asset Management Limited: ASX-listed Australian boutique active asset manager with multi-asset and income strategies. George Boubouras was previously MD and CIO at Contango, and the firm competes in the same listed active asset-manager category as K2.

Broad incumbents

• Insignia Financial Limited (formerly IOOF Holdings): ASX-listed Australian wealth and asset manager with platform, superannuation, and asset management businesses. Overlaps with K2 indirectly through platform distribution channels and active asset management exposure.
• Perpetual Limited: Large ASX-listed Australian asset manager, wealth manager, and trustee services provider. Overlaps with K2 across active funds management, RE/trustee services, and broader portfolio capabilities — a broader incumbent rather than a like-for-like competitor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/k2-asset-management-ltd

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles21 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about K2 Asset Management Ltd