452 Capital finishes on top

After leaving his post as senior portfolio manager atPerpetual Investmentsin September 2002, Peter Morgan resurfaced later that year to announce the establishment of a new boutique investment manager, 452 Capital.

Teaming up with formerGoldman Sachsbanker Warwick Negus, who took on the role of chief executive, Morgan signed a deal withColonial First State, who distributed 452’s first Australian share fund through the FirstChoice master trust, allowing 452 to gain access to the retail market through Colonial’s distribution strength.

Negus says the deal with Colonial has been “incredibly helpful” because it has enabled the group to reach a standard of operation in one year that would normally take much longer for a boutique.

The value-biased manager has only just finished its first full calendar year managing funds, and Negus says the group’s clients are very happy with its performance to date.

“The inflows have been very good — we have been delighted by them — in fact we are in the very fortunate position of having had to stem inflows early last year,” Negus says.

The first year of operation of 452 has been well received by research houses, withStandard & Poor’slast week issuing the group’s fund with its first AAA rating of an Australian equity fund.

And why the name? 452 Capital is named after a cricket innings by Sir Donald Bradman, who scored 452 runs ‘not out’ at a consistent rate of one run per ball in 1930 at the Sydney Cricket Ground.