Perennial Value announces new strategic appointments


Leading equities manager Perennial Value Management (Perennial Value) has today announced several changes to portfolio management responsibilities, including the appointment of Stephen Bruce as Director of Portfolio Management and the hire of Andrew King as Portfolio Manager.

Bruce, who has been with Perennial Value since its inception in 2000, has previously held several portfolio management positions, including as co-portfolio manager to company founder John Murray in Perennial Value’s Australian Share Trust.

Bruce is lead portfolio manager for Perennial Value’s Shares for Income Trust and its recently launched eInvest Income Generator Fund. In his new role, Bruce will be responsible for the management of all broader cap Australian equities portfolios within the Perennial Value business.

Andrew King also joins the Perennial Value team as Mid-Caps Portfolio Manager.

King was a Founder and Director of Investments at Melbourne-based equities investor Concise Asset Management and previously held roles at Paradice Investment Management and Investors Mutual. He will join Perennial Value in mid-July 2018 and will assume portfolio management and analytical responsibilities for the firm’s forthcoming dedicated mid-caps capability.

Additionally, Andrew Smith who joined Perennial Value in 2008, is Head of Small and Micro Companies and manages the firm’s Smaller Companies Trust and Microcap Opportunities Trust.

In the changes being announced today, Smith will take responsibility for co-ordination of the stock research effort across the Perennial group, co-ordinating its analyst and research team to ensure quality investment opportunities are identified and reflected in clients’ portfolios.

Finally, long-term Perennial Value employee Damian Cottier has been promoted to the role of Portfolio Manager in the firm’s broader cap portfolios. Cottier joined Perennial Value in 2002 and has held a number of roles across dealing, research co-ordination, analysis and most recently as Portfolio Manager within the firm’s micro caps capability. His new role will see him provide a key pivot point linking Perennial Value’s smaller and larger capitalisation businesses.

The changes form part of a strategic transitional process in the management of Perennial Value’s large cap Australian share portfolios, which will see Perennial Value Founder and Managing Director John Murray gradually step down from day-to-day management responsibilities for these portfolios.

The transition, which has been long planned by the business and is expected to occur in an orderly fashion over the next 12-18 months, will see Murray remain as Managing Director of Perennial Value and continue to contribute his insights and perspectives to the investment management team.

Perennial Value Director Anthony Patterson said the changes would provide further opportunity, responsibility and career advancement to the senior investment executives of the business.

“Perennial Value has been focussed on succession planning and building depth across our 16-member investment team for many years. In addition to addressing our succession plan for John, the Board is taking the opportunity to position Perennial Value for the future,” Patterson said.

“Perennial Value recognises that investors’ needs are evolving and that we must ensure we are well positioned to adapt, whilst meeting the core objective of our firm – to deliver outcomes that exceed our investors’ expectations.

“Our future, supported by the appointments announced today, sees us renew our commitment to being recognised as the leading value manager in the Australian market.”

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