Perpetual global praised despite early performance hurdles
All the trouble Perpetual Investments went to set up its Dublin-based international funds management operation looks to be paying off, with three Australian research houses awarding a strong rating to the fledgling group.
Morningstar, InvestorWeb and Zenith have all given the Perpetual International Shares Fund the thumbs up, while Standard & Poor’s and Navigator have both detracted a ‘hold’ rating.
Perpetual acquired the core of Bank of Ireland Asset Management’s (BIAM) esteemed investment management team to set up the Dublin operation from scratch, a move that also meant dumping its previous international funds management partner, Fidelity.
Morningstar head of research Justin Walsh said it was mainly the strength of the group’s team that prompted its ‘recommended’ rating. This endorsement comes despite Walsh taking into account that in the last four or five months the fund has performed below benchmark.
“It’s not going too hot to date but it’s only been four months — you’re not going to make a decision based on that. Also, they do have a bit of a value tilt and they don’t have a lot in energy and, of course, energy is doing well at the moment,” Walsh said.
“The team, including Des Sullivan and John Nolan, is very experienced in markets. They have been managing money this way for a long period of time and they’ve been building a track record.”
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
