Independent Franchise Partners is a top-tier specialist equities boutique.
IFP has earned our highest praise as a Parent by consistently demonstrating the qualities of an exemplary steward of investor capital. The company was founded in 2009 by Hassan Elmasry and four other partners, all of whom had worked together at Morgan Stanley Investment Management. Although Elmasry retired in 2022, the firm continues to be led by Jayson Vowles and Michael Allison, both founding partners who have been pivotal to the firm’s long-term success. Total firm assets have grown to USD 22 billion as of April 2025, and the business has remained 100% staff-owned since its formation. Notable long-term stability has been maintained in the senior ranks, with all departures occurring through retirement after lengthy tenures. Looking ahead, a high degree of continuity among key investment staff is expected, supported by the firm’s enduring culture, solid financial position, steady business growth, and equity monetization structure. Elsewhere, IFP has maintained a sustained focus on its core competency of equity franchise investing, offering it in just two forms (global and US) since the company’s inception. Capacity has been prudently managed, with the soft closure of the global strategy showing a commitment to safeguarding investor outcomes. Additionally, senior investment team members are strongly aligned with investors. Firm policy requires a substantial portion of their remuneration to be invested in the strategies alongside unitholders for the duration of their careers and for a significant period after retirement. In Australia, IFP’s responsible entity and distribution partner is Macquarie, which is a major contributor to their premium price tag for retail investors. Despite ultimate control over the local fund’s fees resting with Macquarie, IFP has demonstrated an investor-first mindset by supporting fee reductions on multiple occasions—actions that are viewed favorably.
Note: This share class' Parent Pillar rating is analyst-driven, as its Branding Name, Independent Franchise Partners (Branding Name ID: BN00000C6Y), is covered by Morningstar Manager Research.
United States