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 shook up its senior equities team with veteran Charlie Lanchester set to depart the funds management industry at the end of the month. Paul Skamvougeras will replace him, and analyst Nathan Parkin has been promoted to joint portfolio manager of the Perpetual Industrial Share Fund alongside Vince Pezzullo.
Charlie Lanchester was deputy head of equities and a portfolio manager on the Perpetual Industrial Share Fund, having worked at Perpetual for 14 years. His exit is notable because he was a senior, experienced manager on a flagship fund, and personnel changes can matter to investors tracking fund leadership and continuity.
Paul Skamvougeras is the portfolio manager chosen to replace Charlie Lanchester. The article notes he previously spent seven years at James Packer’s CPH/Ellerston Capital, bringing external experience in portfolio management to Perpetual’s equities team.
Perpetual reported $1.8 billion in net outflows for its flagship funds management arm in 2013, an improvement from $4.1 billion the previous year. It also reported a jump in profit and an increased dividend, driven by surging sharemarkets and cost-cutting.
Perpetual Investments had $25.3 billion in funds under management for the 2013 financial year, a 12% annual rise. A rebound in equity markets helped — the All Ordinaries rose about 15% in FY2013 — and the company says a 1% market movement can change its annualised revenue by up to $2.25 million.
Yes. Perpetual has faced competition for the takeover target Trust Co from wealth group IOOF, experienced large client withdrawals after the departure of fund manager John Sevior, and faced criticism over executive changes such as the short tenure and ousting of Chris Ryan.
Perpetual’s head of equities, Matt Williams, said the team is “in great shape” and that the firm is well advanced with a smooth handover, and the company has appointed Nathan Parkin as joint portfolio manager alongside Vince Pezzullo to maintain continuity for the Industrial Share Fund.
Perpetual cautioned that market net flows are unlikely to improve in the short term but expects medium-to-long-term growth as Australia’s compulsory superannuation contributions expand, suggesting the company sees structural tailwinds despite near-term challenges.
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