Perennial hones offshore focus
Perennial Investment Partners is looking to raise the profile of its international equities arm by creating a new divisional head for the offshore asset class along with signing up three new analysts.
To date the group’s offshore equity funds have been dwarfed by its Australian offerings, with responsibility for the offshore exposures resting with Asian equities head Kerry Series and Florida-based executive Scott King.
However Series, who has been with the group since it launched in 1999, will leave the group this Friday after being appointed by HSBC to a senior role in Hong Kong and will be replaced by Diane Lin, who has been managing Perennial’s Japan portfolio for the past five years.
Perennial, which has almost $10 billion in funds under management across its five businesses, only has close to $200 million combined in its international, Asia and Japanese equity trusts.
The group has 10 international equity analysts at present with six in Australia, three in the US and one in Scotland, however its latest growth plan will see three more analysts added to its Sydney office along with an overall head of international equities.
According to managing director Anthony Patterson, the new head of international equities position is part of an ongoing growth strategy.
“This new appointment is not about improving performance, but is about building the business,” Patterson says.
A group spokesperson, adds that the boosting of the firm’s international equities capabilities has been part of the board’s strategy since the firm launched five years ago.
“It’s always been part of the plan to grow our international equities capabilities and managing oversees shares from Australia has long been [chairman] Mike Crivelli’s wish,” the spokesperson says.
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