Perpetual ‘takes credit’ from Macquarie
By Liam Egan
Perpetual Investments has secured the services of three Macquarie Funds Management credit specialists to bolster its asset management team.
Head of credit Michael Korber, and two colleagues Vivek Prabhu and Greg Stock, who collectively managed Macquarie’s credit-based investment portfolio, left the group late last month to join Perpetual.
Perpetual chief investment officer Emilio Gonzalez describes the appointments as a “demonstration of Perpetual’s ability to identify, attract and integrate new asset management capabilities”.
“[The appointments] will enable us to offer additional income products for our retail, masterfund and institutional clients,” he says.
Gonzalez says the new team will be entrusted with mirroring the group’s property securities and infrastructure businesses, which have both developed into strong performers by launching additional products into the retail, masterfund and institutional space.
Meanwhile, Macquarie has appointed fixed interest research director, Dean Stewart, to replace Korber as head of credit.
Macquarie’s fixed interest and currency division head, Wayne Fitzgibbon, says Stewart has been integral to the development of the firm’s investment capability for managing credit securities.
“He has authored virtually all of Macquarie’s extensive research into corporate-debt and asset-backed securities, dating back as far as 1997,” Fitzgibbon says.
Fitzgibbon adds that Stewart is an experienced portfolio manager, having managed Macquarie’s enhanced Australian fixed interest portfolios for many years.
Macquarie associate director Brett Lewthwaite will join Stewart in managing the credit portfolios.
He has been product manager for credit enhanced cash and Australian fixed interest for over two years.
Recommended for you
Advisers at DOD Bookkeeping, which received an $11 million penalty last week, received as much as 40 per cent of their remuneration via a bonus when clients purchased a property via a SMSF, according to court documents.
Private wealth manager Escala Partners has launched an end-to-end investment platform to strengthen its alternatives capability as clients seek sophisticated vehicles.
Perpetual Wealth Management has hired two advisers from Ord Minnett as part of five hires, just weeks after the rival firm announced it had picked up six from Perpetual Private.
ASIC has cancelled the AFSL of a Perth financial services firm following payments to its clients by the Compensation Scheme of Last Resort after a failed managed investment scheme.