Colonial announces new Imputation Fund manager

ColonialFirst Statehas announced senior portfolio manager Simon Shields the successor to Greg Perry as the portfolio manager for the group’s flagship Australian equities fund, the Colonial First State Imputation Fund.

Shields, who has been with Colonial First State since 1998, will also assume responsibility for the Australian equity component of Colonial First State’s Balanced Funds as part of his new role.

Perry, Colonial First State’s long-time head of Australian equites and the portfolio manager for the Imputation Fund, revealed last month that he would leave the group in July.

Ian Harding, Perry’s second in command at Colonial First State for seven years, has previously been announced as the group’s new head of Australian equities.

Investment research group Lonsec today reacted to the news of Shields’ appointment to manage the Imputation Fund by saying it would keep the fund on its ‘recommended’ list.

Lonsec downgraded the fund from ‘highly recommended’ to ‘recommended’ following the announcement of Perry’s impending departure.

“Lonsec would have preferred to see Greg Perry remain at the helm as head of Australian equities and manager of the Imputation Fund, however, we believe Simon Shields is well credentialed to take over the management of the fund,” the group says.

Shield’s appointment to manage the imputation fund comes after a lengthy search by Colonial, both internally and externally, for a candidate for the role. He will take on his new position from July 1 this year.