Portfolio Partners loses super mandate
In what represents the first fall-out resulting from a recent senior departure from Portfolio Partners, Asset Super has decided to move its $28.2 million Australian equities mandate to Challenger.
The move, announced by Asset Super general manager John Paul, was attributed to the recent departure of Portfolio Partners senior investment manager Chris Kourtis.
Paul said the $28.2 million mandate had been transferred to the Challenger Select Australian Shares Fund, which offered a similar portfolio to the Elite Opportunities Trust previously offered by Portfolio Partners.
The Elite Opportunities Trust had its Standard & Poor’s rating reinstated last week, returning to the ‘competent’ assessment from the ‘hold’ imposed after Kourtis’ departure to Consolidated Press.
Portfolio Partners’ High Growth Shares Trust, which is exposed to the same process as the Elite Opportunities Trust but with additional shorting and arbitrage capabilities, also had its rating reinstated.
Kourtis has been replaced at the helm of the Elite Opportunities Trust by Richard Dixon, who will also share portfolio construction duties with Ian Lang.
Standard & Poor’s said both had “built a strong reputation” in constructing the High Growth portfolio, and was confident both could carry this forward into additional responsibility for the Elite Opportunities Trust.
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