Perennial picks up 452 Capital mandate
Century Australia Investments (CYA) has replaced fund manager 452 Capital following a number of expected and official resignations.
CYA’s announcement followed news of the expected resignations of 452 Capital’s co-investment heads, Suellen Morgan and Mary Feros, as well as chief executive Lyndsey Hancock. Equities analyst Nathan Parkin also resigned.
CYA selected Perennial Value Management as interim investment manager based on its long-standing performance record and consistency in investment style with 452 Capital.
In a statement to the Australian Securities Exchange, CYA company secretary Peter Roberts noted that Perennial’s investment management fee is “substantially less” than what was charged by 452 Capital.
CYA has proposed a buy back scheme to shareholders, although it stated the board might consider any alternatives that Perennial could propose following its current investigations and research.
AUTHOR
By Munro
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