Boutique global small and mid-cap equities manager Canopy Investors has appointed a new portfolio manager.
Last month, it was announced that two former Magellan Financial Group fund managers had launched their own boutique firm, Canopy Investors, with support from Bennelong Funds Management, focusing on small and mid-cap global equities.
Kris Webster spent 14 years at Magellan until November 2022 in a variety of roles, including head of small and mid-cap and head of global investment. Meanwhile, his colleague Michael Poulsen was at the business for over a decade, concluding his time as portfolio manager on the Magellan High Conviction Fund.
The pair both departed in November 2022 amid a restructuring by the firm which was reeling at the time from the unexpected loss of chief investment officer Hamish Douglass.
Since the boutique firm opened its doors, Jack McManus has now joined Canopy Investors as a portfolio manager from Magellan.
The appointment marks the third former Magellan professional to join the company. McManus reunites with Canopy co-founders and portfolio managers Webster and Poulsen, with whom he previously developed a small and mid-cap strategy at Magellan.
McManus spent 10 years at the Australian funds manager as an investment analyst in global listed equities and was a member of the investment committee in the global, small and mid cap, and emerging growth teams.
Prior to his decade-long career at Magellan, McManus also spent three years as an equity research analyst at Morgans Financial.
Commenting on the announcement, Webster said McManus’ appointment will bolster the team following the recent launch of the Canopy Global Small & Mid Cap Fund last month. The fund invests in a concentrated portfolio of high-quality and attractively priced small and mid-cap listed companies, with balanced exposures across a range of sectors and regions.
“Since launching we have seen a huge amount of interest. Australian investors are clearly looking for alternatives to diversify their equity portfolios away from an increasingly concentrated global large-cap index,” Webster described.
“Jack is a highly experienced and passionate investor who shares our investing ethos. We are thrilled to extend our already 10 years working and investing together.”
According to Poulsen, the new portfolio manager was an “obvious choice” when they commenced the new business.
“Jack has demonstrated strong performance in the past. His character, breadth of experience across sectors, and ability to identify new investment opportunities made it an easy decision to have him join our team,” Poulsen said.
