Treasury Group denies link with Morgan
THE Treasury Group has flatly denied speculation it will finance a new boutique fund management operation by the soon to depart senior portfolio manager at Perpetual, Peter Morgan.
But Treasury Group managing director Rodney Green, a former chief executive of Perpetual Investments, says the group will continue to draw up plans to acquire a stake in a series of smaller fund managers.
Green revealed toMoney Managementlast month the Treasury Group would look to take a significant interest in up to four boutique funds management houses to go with the 50 per cent stake it already owns in Investors Mutual Limited, a specialist Australian equities manager led by another former Perpetual executive, Anton Tagliaferro.
The speculation over Morgan’s future with the Treasury Group followed the announcement last week that he would leave Perpetual after 12 years with the group. Morgan says his immediate plans are to take an extended break.
Perpetual announced last week that John Sevior, who manages 50 per cent of the group’s flagship Industrial Share Fund, would take on the role of head of equities in the wake of Morgan’s departure.
Research houses last week said Morgan’s departure would be a significant loss for Perpetual, but applauded the group for appointing a credible successor in Sevior. The Morningstar research group last week maintained Perpetual’s five star manager rating, while Lonsec continued to recommend the group’s Industrial Share Fund.
The Treasury Group last week reported that its net after-tax profit rose by 125 per cent to just under $260,000 for the financial year ending June 30, 2002.
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