Perennial hooks up with Western
Perennial Investment Partners has signed an alliance deal with Western Asset Management Company, in a move designed to give Australian investors greater access to global bonds.
Perennial Investment Partners managing director and chief investment officer Ian Macoun says the deal was signed between Western Asset and Perennial because of the reputation and expertise of Western Asset across all aspects of fixed interest funds management.
At present, the US based fixed income manager has more than 230 client relationships, including AT & T, IBM, the Bill and Melinda Gates Foundation, the Californian Public Employees Retirement System and MLC. The group has $190 billion under management.
Western Asset’s US-based CEO, Jim Hirschmann, says Perennial’s understanding of the Australian marketplace, its consistent performance and solid infrastructure was the clincher for a long-term relationship that goes beyond simply outsourcing the group’s product distribution.
Macoun says the offering of global bonds alongside Perennial’s already successful Australian fixed interest trust should prove attractive to investors. Perennial’s Australian fixed interest fund has consistently been a top quartile performer, ranking the manager as one of the top two in the asset class over the past five and seven years.
Perennial is owned by its senior management, investment professionals and its largest client, IOOF. It has $2 billion in funds under management.
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