Perennial starts succession process
Key changes have been announced within fund manager Perennial Value Management.
The company announced late today that Stephen Bruce would be Director of Portfolio Management while founder and director of Concise Asset Management, Andrew King, had been appointed as Portfolio Manager.
The changes form part of a strategic transitional process in the management of Perennial Value’s large cap Australian share portfolios, which will see Perennial Value Founder and Managing Director John Murray gradually step down from day-to-day management responsibilities for these portfolios.
However, the company noted that Murray would continue as managing director and continue to contribute his insights to the investment management team.
Bruce, who has been with Perennial Value since its inception in 2000, has previously held several portfolio management positions, including as co-portfolio manager to company founder John Murray in Perennial Value’s Australian Share Trust and is the lead portfolio manager for Perennial Value’s Shares for Income Trust and its recently launched eInvest Income Generator Fund.
The company said that in his new role, Bruce would be responsible for the management of all broader cap Australian equities portfolios within the Perennial Value business.
Perennial also announced that Andrew Smith had been promoted to Head of Small and Micro Companies and would take responsibility for co-ordination of the stock research effort across the Perennial group, co-ordinating its analyst and research team to ensure quality investment opportunities are identified and reflected in clients’ portfolios.
It said that long-term Perennial Value employee Damian Cottier has been promoted to the role of Portfolio Manager in the firm’s broader cap portfolios after joining the firm in 2002 and holding a number of roles across dealing, research co-ordination, analysis and most recently as Portfolio Manager within the firm’s micro caps capability.
The company said Cottier’s new role would see him provide a key pivot point linking Perennial Value’s smaller and larger capitalisation businesses.
Perennial Value Director, Anthony Patterson said the changes would provide further opportunity, responsibility and career advancement to the senior investment executives of the business.
“Perennial Value has been focussed on succession planning and building depth across our 16-member investment team for many years. In addition to addressing our succession plan for John, the Board is taking the opportunity to position Perennial Value for the future,” Patterson said.
Recommended for you
For overseas fund managers coming to Australia, a focus on platforms is critical for achieving growth, according to IMAP chair Toby Potter, flagging iCapital’s partnership with Netwealth as a firm which is succeeding in this goal.
Global investment firm Lazard Asset Management has appointed AllianceBernstein’s global head of investment as chief executive, as current CEO Evan Russo prepares to step down after almost two decades at the firm.
Ausbil has launched its first active ETF in response to adviser demand for a dual-access product offering regular monthly income.
ETF providers are considering the phase-out of bank hybrids in their product development plans with billions of fixed income assets set to seek a new home in the coming years.
