Perennial executives to buy remaining IOOF stake

11 October 2019
| By Oksana Patron |
image
image
expand image

Boutique fund manager, Perennial Value Management, has announced that its senior executives planned to acquire the remaining 42.4% interest in the business from IOOF Holdings.

Perennial’s investment products would continue to be offered through IOOF platforms as well as other leading platforms and wrap accounts.

Perennial Value’s managing director, John Murray said the move represented a further alignment of interests between its staff and clients.

“This represents a further significant alignment of interests between our staff and our clients, and is a strong vote of confidence in our continuing commitment to delivering investment excellence, fostering a specialist investment management culture, and building a successful and sustainable funds management business,” he said.

Anthony Patterson, executive director of Perennial, added: “This transaction will see the positioning of the Perennial Group as a multi boutique investment firm.

“We currently operate six boutique investment businesses, three under the Perennial brand, large cap Perennial Value, Perennial Value Smaller Companies and the Perennial Solutions Group, and three boutique affiliates Daintree Capital, an absolute return fixed income business, Fairlight Asset Management, a Global Small Mid Cap specialist and eInvest a provider of active exchange traded managed funds.”

Perennial Value is a specialist, active investment management firm and invests $5.6 billion on behalf of institutional and retail clients through a suite of trust products and discrete portfolios.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 1 week ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 5 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

18 hours ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 3 days ago