Strategic review prompts multi-asset reshuffle at Perpetual

Following a review of Perpetual Group’s multi-asset capabilities, the asset manager has decided to combine the Perpetual and Pendal multi-asset businesses to create one team, the Perpetual Multi Asset Strategies team.

The new team will be led by Perpetual’s current head of multi-asset, Michael O’Dea, and marks the departure of Michael Blayney as the portfolio manager of these funds.

While Blayney is due to depart the organisation, he will continue to support the new team in an advisory capacity over the next six months.

“We are bringing together the Perpetual and Pendal multi-asset teams as one enhanced team with greater scale and resources to support better client outcomes,” the firm said in a statement.

“This team will be uniquely placed to build investment solutions to meet emerging client needs by accessing the combined intellectual property and experience of both the Perpetual and Pendal multi-asset teams.”

The new Perpetual Multi Asset Strategies team will consist of nine “highly experienced investment professionals” with an average industry experience of 23 years.

In a note to investors, the firm said: “There are no immediate changes to your investments as part of this announcement.”

Last month, Perpetual said its underlying profit after tax (UPAT) grew 46 per cent in the first half of the 2024 financial year to $98.2 million.

The firm attributed the strong growth to a full six-month contribution of Pendal Group, which it acquired in January 2023, along with higher wealth management earnings.

At the time, Rob Adams, Perpetual chief executive and managing director, noted the integration of the Pendal businesses is “progressing well”, with the firm exceeding its first-year target of $40 million in run-rate synergies. It affirmed total run-rate synergies of $80 million by 2025.