Steven Hayes' decision to leave Perennial and join Colonial First State (CFS) has resulted in funds from both managers being placed 'under review' by Zenith Investment Partners.
Research house Zenith Investment Partners has placed one CFS Global Asset Management (CFSGAM) fund and three Perennial funds 'under review' due to significant changes to their investment teams.
After losing head of property Steven Hayes to CFS, Perennial experienced a number of departures, including senior portfolio manager Stuart Pearce, regional head Asia Pacific Tuan Pham, regional head Europe Boudewijn van Loen and Australian dealer/analyst Joseph Daguio.
They all hoped to join Hayes at CFS, but "due to the seniority of both Tuan and Boudewijn, Zenith believes the departures are a significant loss to the investment team," the researcher stated.
As a result Zenith placed the Perennial Hedged Global Property Wholesale Trust, the Unhedged Global Property Trust and the Australian Property Wholesale Trust under review until further notice.
Upon his return to CFS, Hayes implemented wholesale investment team changes and appointed three members of his previous investment team at Perennial.
As a result, portfolio managers Antoinette Plater and Marco van Bussel have departed CFSGAM, along with analysts Matthew Gulczynski and Miranda Moran.
"Given both the breadth and significance of the changes implemented by Hayes, Zenith has decided to maintain the 'under review' status placed on the CFS Wholesale Colliers Global Property Securities Fund in August," the company said.
Zenith has announced it would soon meet with Hayes and the new Perennial head of property David Kivell to get a better understanding of these restructures.
