Zenith has also elected to maintain the ‘Under Review’ status of the CFS Wholesale Colliers Global Property Securities Fund, following the numerous investment team changes announced this week.

Perennial changes:
Since David Kivell’s appointment as Head of Property at Perennial, replacing the outgoing Steven Hayes, the Perennial investment team has experienced a number of significant changes.

In September 2012, Perennial announced the resignation of Senior Portfolio Manager (Europe), Stuart Pearce. Pearce was effectively replaced by a new addition to the team, Equity Analyst, Erik Salz who is based in Perennial’s Amsterdam office.

Subsequently the following three members of Perennial’s investment team have tendered their resignation over the past two weeks, with the intention of joining Steven Hayes at Colonial First State: Tuan Pham, Regional Head Asia Pacific (and back-up Portfolio Manager for the ARIET Fund); Boudewijn van Loen, Regional Head Europe; and Joseph Daguio, Australian Dealer/Analyst.

Zenith’s View
Given the seniority of both Tuan and Boudewijn, Zenith believes the departures are a significant loss to the investment team. Zenith has decided to place the Perennial Hedged Global Property Wholesale Trust, the Perennial Unhedged Global Property Trust and the Perennial Australian Property Wholesale Trust ‘Under Review’ until further notice.

Zenith intends to meet with David Kivell and any incoming senior investment staff to ascertain more details surrounding the departures and procedure going forward.

CFSGAM changes:
As outlined in Zenith’s Client Release on the 20th of August, Steven Hayes has returned to CFSGAM as Head of Property, with CFSGAM’s former Head of Property, Andrew Nicholas announcing his resignation.

In the short period since Hayes’ return, he has implemented wholesale investment team changes. As mentioned above, three members of his previous investment team at Perennial will be joining him at CFS. Additionally, Daniela Lungu will be joining CFS as a Senior Portfolio Manager focusing on the Europe.

As a result of the changes, the following investment team members have departed CFSGAM: Senior Portfolio Manager, Antoinette Plater; Portfolio Manager, Marco van Bussel; Investment Analyst, Matthew Gulczynski; and Investment Analyst, Miranda Moran.

Hayes has elected to retain the four New York based members of CFSGAM’s property investment team who are responsible for coverage of the Americas. Additionally, Investment Analyst, John Stavliotis who Hayes had intended to retain has tendered his resignation and accepted a role on the sell side.

Zenith’s View
Given both the breadth and significance of the changes implemented by Hayes, Zenith has decided to maintain the ‘Under Review’ status placed on the CFS Wholesale Colliers Global Property Securities Fund in August. Zenith will seek to meet with both Hayes and the broader investment team to get a better understanding of the possible benefits of such a significant restructure, to what Zenith considered a strong investment team.

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