Another blow for BT/Sagitta as LPT head joins rival

The combinedBT/Sagittagroup has suffered another setback, with the resignation today of the group’s head of listed property, Carlos Cocaro.

Cocaro, who has been with Sagitta for eight years, will leave to join an as yet unnamed rival funds management group.

His resignation is the latest in a long line of departures from Sagitta since its buyout by the Westpac Bank and merger with BT.

Last month, Sagitta’s head of Australian equities, Andrew Brown, left the group, to be followed by the head of its small cap team, David Fleming.

Sagitta chief executive Peter Martin, chief investment officer Jonathon Pain, chief operating officer John Tuxworthy and head of retail Chris Larsen, left the group last year, soon after its takeover by Westpac.

The InvestorWeb research group said today Cocaro’s departure would be a setback for BT/Sagitta, and downgraded the rating of its listed property team from ‘Exceptional Buy’ to ‘Strong Buy’. The downgrade did not affect the group’s overall ‘Investment Grade’ rating in the listed property sector.

TheAssirtresearch house said the management of BT/Sagitta’s listed property portfolio’s would be “significantly weakened” by Cocaro’s absence.

Assirt has maintained a ‘Hold’ rating over BT and Sagitta since their takeover and merger by Westpac.

“There are still concerns with the culture of the combined organisation, so more departures could come at the investment analyst level,” Assirt investment analyst Jody Fitzgerald says.

Antoinette Platter, who has been with Sagitta for 17 years, will take over responsibility for the BT/Sagitta listed property portfolio until a permanent replacement for Cocaro is announced.