Portfolio Partners’ Richard Dixon will succeed Chris Kourtis as portfolio manager of the ‘high conviction’ Elite Opportunities Trust, following yesterday’s resignation of Kourtis from the Melbourne-based fund manager.
Kourtis has given the group three months notice.
Kourtis — a co-founder of Portfolio Partners and a director and senior investment manager of the group — has accepted a position at Consolidated Press managing the Packer family’s finances.
“Chris has made a significant contribution to Portfolio Partners over the past 11 years. We are sad to see him leave us, but wish him well in his new posting,” Portfolio Partners managing director Craig Bingham said.
In a re-shuffle at the group, Bingham confirmed that Dixon will now assume responsibility for the management of the $170 million funds under management in the Elite Opportunities Trust, while also remaining as portfolio manager of the Institutional Long/Short Trust.
Dixon will continue to work closely with Ian Lang, senior portfolio manager of the High Growth Shares Trust, with additional support coming from head of equities Glenn Hart, and head of research Nick Pashias.
“The long positions in the institutional Long/Short portfolio are highly correlated to the Elite portfolio. Richard is an outstanding portfolio manager and we look forward to his continued success in the Elite Opportunities Trust,” Bingham said.
Since its inception in August 2004, the Institutional Long/Short Trust — managed by Dixon — has achieved absolute returns of 22.2 per cent and outperformed the benchmark by 3.2 per cent.
Dixon joined Portfolio Partners in July 2000 from AMP Asset Management where he was an equities dealer.
