Strategic review prompts multi-asset reshuffle at Perpetual
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.
Recommended for you
Magellan has announced a raft of executive changes including the departure of head of investments Gerald Stack after 18 years and a second appointment from Maple-Brown Abbott.
Morningstar research of seven active Australian asset managers has found they are expected to see client redemptions averaging 3.1 per cent of their FUM per annum through to FY29, with two forecast to lose more than 10 per cent.
Franklin Templeton is to get rid of its Martin Currie branding and fold them into the wider group under ClearBridge Investments and Franklin Equity Group.
The widespread use of alternatives could lead to erosion of the very elements that make them alternatives, according to EY, as fund managers make them more palatable to retail clients.
