Blackwattle Investment Partners has announced changes to its portfolio management as a founding manager departs.
Ray David, who joined the firm when it launched in May 2023, will depart the business at the end of 2025.
Prior to joining Blackwattle, he spent 11 years at Schroders as an equity analyst and portfolio manager where he was part of a team managing over $12 billion. He subsequently joined Blackwattle with his colleague Joe Koh, and the pair jointly went on to run the firm’s Long-Short 130/30 Quality and Large Cap Quality funds which were launched in August 2023.
Taking over his role on the Large Cap Quality Fund will be Elan Miller who joins the firm as a deputy portfolio manager from 18 August 2025.
He previously worked as a portfolio manager at asset manager AL Capital, the independent investment arm of Sydney property developer Aqualand, and as a senior portfolio manager at Pengana Capital Group.
“Elan brings more than 25 years of investment experience, including senior portfolio management roles at AL Capital and Pengana, and brings with him a track record of outperformance. Importantly, he provides a complementary skill set, significant shorting experience, and a strong cultural alignment with Blackwattle.
“The appointment of Elan reinforces Blackwattle’s ongoing commitment to delivering strong long-term outcomes for clients while ensuring stability and depth within the investment team.”
While Miller will join the team this August, David will remain on hand until the end of the year to ensure a smooth transition. The firm will also hire an analyst.
The investment philosophy, process, and systems all remain unchanged.
Blackwattle currently runs a Small Cap Quality, Small Cap Long-Short Quality, Mid Cap Quality, Long-Short 130/30 Quality, and Large Cap Quality.
Blackwattle managing director, Michael Skinner, previously discussed with Money Management what he looks for when choosing a new manager to join.
He said: “We’ve got a pretty strict criteria. First and foremost, it has to be a product or an asset class where we see investor demand. The team has to have a clear track record of outperformance. They have to be driven and willing to invest their own capital alongside our clients. And they have to be a cultural fit, so they have to exhibit drive, intellectual curiosity and, most importantly for us, integrity and humility.”
