Strategic review prompts multi-asset reshuffle at Perpetual

image
image
expand image

Following a review of Perpetual Group’s multi-asset capabilities, the asset manager has decided to combine the Perpetual and Pendal multi-asset businesses to create one team, the Perpetual Multi Asset Strategies team.

The new team will be led by Perpetual’s current head of multi-asset, Michael O’Dea, and marks the departure of Michael Blayney as the portfolio manager of these funds.

While Blayney is due to depart the organisation, he will continue to support the new team in an advisory capacity over the next six months.

“We are bringing together the Perpetual and Pendal multi-asset teams as one enhanced team with greater scale and resources to support better client outcomes,” the firm said in a statement.

“This team will be uniquely placed to build investment solutions to meet emerging client needs by accessing the combined intellectual property and experience of both the Perpetual and Pendal multi-asset teams.”

The new Perpetual Multi Asset Strategies team will consist of nine “highly experienced investment professionals” with an average industry experience of 23 years.

In a note to investors, the firm said: “There are no immediate changes to your investments as part of this announcement.”

Last month, Perpetual said its underlying profit after tax (UPAT) grew 46 per cent in the first half of the 2024 financial year to $98.2 million.

The firm attributed the strong growth to a full six-month contribution of Pendal Group, which it acquired in January 2023, along with higher wealth management earnings.

At the time, Rob Adams, Perpetual chief executive and managing director, noted the integration of the Pendal businesses is “progressing well”, with the firm exceeding its first-year target of $40 million in run-rate synergies. It affirmed total run-rate synergies of $80 million by 2025.

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 3 days 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 1 day ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

2 weeks 5 days ago