Veteran exits as Perpetual revamps equities investment team
Mr Lanchester, deputy head of equities and one of the portfolio managers of the Perpetual Industrial Share Fund, will leave the funds management industry at the end of month. The head of equities, Matt Williams, said Mr Lanchester had been a "loyal friend and trusted colleague" over the past 14 years.
Their shared work had ensured the team was in great shape, and "we are well advanced with a smooth handover".
Mr Lanchester will be replaced by Paul Skamvougeras, who is a portfolio manager. Mr Skamvougeras has also spent seven years at James Packer's CPH/Ellerston Capital.
Analyst Nathan Parkin, meanwhile, has been appointed joint portfolio manager of the Industrial Share Fund with Vince Pezzullo.
The changes follow Perpetual's reporting of $1.8 billion in net outflows for its flagship funds management arm in 2013, an improvement on the previous year's $4.1 billion in net outflows.
Perpetual last week reported full-year results showing a jump in profit and an increased dividend, on the back of surging sharemarkets and cost-cutting. It said market net flows were unlikely to improve in the short term, but tipped growth in the medium to long term as Australia's compulsory superannuation contributions expand.
Perpetual Investments had $25.3 billion funds under management for the 2013 financial year, a 12 per cent annual rise.
The result was underpinned by a rebound in equity markets. The All Ords rose by 15 per cent in the 2013 financial year, and a 1 per cent movement in the market changes Perpetual's annualised revenue by up to $2.25 million. But it's been a challenging few years for Perpetual, a one-time market darling that operates in fund management, financial advice and trustee service, and is now facing competition for the takeover target Trust Co from another wealth giant, IOOF.
The big end of town withdrew money after the departure of fund manager John Sevior, and the board was called "accident prone" when it dumped Chris Ryan after less than a year in the top job.
Frequently Asked Questions about this Article…
Perpetual announced a reshuffle of its senior equities investment team: veteran Charlie Lanchester is departing and will be replaced by portfolio manager Paul Skamvougeras, while analyst Nathan Parkin has been appointed joint portfolio manager of the Perpetual Industrial Share Fund alongside Vince Pezzullo.
Charlie Lanchester is Perpetual's deputy head of equities and one of the portfolio managers of the Perpetual Industrial Share Fund. According to the announcement he will leave the funds management industry at the end of the month after about 14 years with the business.
Paul Skamvougeras is a portfolio manager appointed to replace Charlie Lanchester. The article notes he previously spent seven years at James Packer's CPH/Ellerston Capital, bringing that investment experience to Perpetual's equities team.
Analyst Nathan Parkin was promoted to joint portfolio manager of the Industrial Share Fund, sharing the role with existing manager Vince Pezzullo.
Perpetual reported $1.8 billion in net outflows for its flagship funds management arm in 2013 (an improvement from $4.1 billion the prior year). It also reported a jump in profit and an increased dividend, had $25.3 billion in funds under management (a 12% annual rise), and benefited from a rebound in equity markets including a 15% rise in the All Ords in the 2013 financial year.
Perpetual said market movements materially affect revenue: the article states that a 1% movement in the market can change Perpetual's annualised revenue by up to $2.25 million, illustrating sensitivity to equity market performance.
Yes. The article describes a challenging period for Perpetual, including competition from IOOF for the takeover target Trust Co, client withdrawals after the departure of fund manager John Sevior, and criticism of the board after removing Chris Ryan within a year.
For everyday investors, the reshuffle signals Perpetual is reorganising its equities team to strengthen management and ensure a 'smooth handover'—management says the team is in good shape. However, the company also cautioned that market net flows are unlikely to improve in the short term even as it expects medium-to-long-term growth from expanding compulsory superannuation contributions.
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