Perennial Executives to acquire remaining IOOF ownership stake

From

John Murray

Leading boutique fund manager Perennial Value Management Limited (Perennial Value) has announced that its senior executives planned to acquire the remaining 42.4 percent economic interest in the business from IOOF Holdings (ASX: IFL).

Perennial Value is a specialist, active investment management firm. Established in 2000, Perennial Value invests $5.6 billion on behalf of institutional and retail clients through a suite of trust products and discrete portfolios.

John Murray, Managing Director of Perennial Value, said: “We’re delighted to announce our intention to acquire the remaining IOOF interest in our business. This represents a further significant alignment of interests between our staff and our clients, and is a strong vote of confidence in our continuing commitment to delivering investment excellence, fostering a specialist investment management culture, and building a successful and sustainable funds management business.”

Perennial’s investment products will continue to be offered through IOOF platforms as well as other leading platforms and wrap accounts.

Anthony Patterson, Executive Director of Perennial, said: “This transaction will see the positioning of the Perennial Group as a multi boutique investment firm. We currently operate six boutique investment businesses, three under the Perennial brand, large cap Perennial Value, Perennial Value Smaller Companies and the Perennial Solutions Group, and three boutique affiliates Daintree Capital, an absolute return fixed income business, Fairlight Asset Management, a Global Small Mid Cap specialist and eInvest a provider of active exchange traded managed funds”.

“Our focus for the immediate future is as always on delivering good outcomes for our investors, but with an eye to the longer term, “Patterson said.

“In recent years, we have had a strong focus on building actively-managed niche capabilities.  We recently closed our Micro caps Trust at $200m on the back of very strong performance (total net return of 97.4% since inception in February 2017) and investor demand and also completed a capital raising for our Perennial Private to Public Opportunities fund, a wholesale offer taken up predominantly by higher net worth and family office investors.

“A major focus of this fund is investing in well-managed, strongly growing unlisted companies. We are very optimistic about the prospects for both Daintree Capital and Fairlight, which are both run by top-shelf investment executives who are passionate in their aim of delivering strong returns for their investors. Our ongoing development of eInvest reflects our view of growing investor demand for actively-managed exchange traded funds.”

 

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