Perpetual Trusteeand the James Fielding Group have signed a joint venture to form a new funds management outfit focused on the listed property securities market.
The two groups will each take a 50 per cent equity interest in the new venture, to be named Perpetual James Fielding.
The new group will offer active management of listed property securities to the retail, master trust and institutional markets.
James Fielding executive chairman Greg Paramor says the joint venture, announced today, will create a powerful new competitor in the listed property trust sector.
“Perpetual’s brand name and strong relationships with institutional investors, financial advisors and master funds, combined with the James Fielding team’s successful track record in property, will create a strong new competitor in this market segment,” he says.
Perpetual managing director Graham Bradley says the venture would give the group’s investors access to actively managed property securities portfolios.
Perpetual’s existing property securities portfolios, currently managed on an index basis, will be managed by the new venture on an active basis in the future.
“Perpetual James Fielding will allow us to further broaden our investment offerings to personal investors, advisors, and institutions with an active property securities management alternative,” he says.
“We believe that by combining the complementary expertise of the venture partners we can achieve growth in this segment faster than if we started an active property securities investment operation alone.”
Perpetual and James Fielding will each appoint two directors to the board of Perpetual James Fielding.
Sean Murray, the former head of the Deutsche Paladin listed property trust team, has been appointed head of property securities at Perpetual James Fielding.
He has been replaced at Deutsche Paladin by Andrew Stubing, who will resume the role he held between 1998 and 2001 before leaving to head up Deutsche Asset Management’s Asian equities team based in Singapore.
