The appointments build on the continued growth and strong performance of Schroders’ Australian Equities business, which today manages approximately A$10.2 billion on behalf of clients, up from approximately A$8.0 billion in the last three years.

Supported by strong client demand, sustained investment performance and more than 60 years of market experience, Schroders Australian Equities remains one of Australia’s largest and most successful active domestic equities franchises.

Aaron Binsted will join Schroders in early November 2026 as a Portfolio Manager and Analyst. Aaron brings more than 25 years’ experience in Australian equities, both as an analyst and portfolio manager. For the past 15 years, he co-led Lazard’s Australian Equities strategies. Aaron will join Schroders’ Australian Equities Portfolio Construction Committee for the Schroder Australian Equity Fund alongside Martin Conlon, Andrew Fleming and Justin Haliwell, and will also have analyst responsibilities within the team.

Isaac Boorer has recently joined the team as Investment Analytics and AI Engineer. Isaac joins from Blackwattle Investment Partners, where he spent more than two years as an analyst and trader on the Australian Equities desk, following earlier trading roles at Antipodes and Fidante Partners.

Jeremy Huang will return to Schroders in January 2027 as a junior analyst in the Australian Equities team, having recently completed a summer internship with the business.

Commenting on the appointments, Martin Conlon, Head of Australian Equities at Schroders, said: “These appointments are an important investment in our Australian Equities capability. Our process has always been grounded in deep fundamental research, disciplined portfolio construction and a willingness to continually improve how we identify and assess opportunities for clients.

“Isaac, Aaron and Jeremy each bring different strengths to the team, from data and technology capability through to senior portfolio management experience and emerging research talent. Together, they strengthen the breadth and depth of the team and enhance our ability to deliver differentiated insights and strong long-term outcomes for clients.”

Alison Telfer, Chief Executive Officer of Schroders Australia and New Zealand, said: “Australian Equities has been a core part of Schroders Australia for more than 60 years. The continued growth and strong performance of the business reflects the strength of the team, the consistency of its process and the trust clients place in our active investment approach.

“At a time when some parts of the domestic market are under pressure in Australian equities, and reducing resources or stepping back, Schroders is investing. These appointments reinforce our conviction around this capability and our commitment to the Australian market and building the people, research and technology capability needed to support and deliver for our clients into the future.”

Commenting on his appointment, Aaron said: ‘I’ve always respected Schroders for its disciplined investment approach and strong client focus. I’m looking forward to working with a talented team and contributing to the firm’s continued growth.

As at the end of August 2026, the Schroder Australian Equity Fund had outperformed its benchmark by 6.5% over one year, 1.2% p.a. over five years and 1.2% p.a. since inception, net of fees.

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Warryn Robertson

Global equity markets in 2019 have been characterised by a late cycle rally, with extraordinary low monetary policy fueling investor demand for risk assets, most notably in momentum and growth equities, says Lazard Asset Management’s Warryn Robertson.

Mr Robertson who is a portfolio manager on Lazard’s Global Equity Franchise Team says that despite this, historically low interest rates should not be a justification for soaring equity markets.

“At this point, we believe it is worth remembering that interest rates are low for a reason, Mr Robertson said. “Many equity market investors seem to be falling into the trap of thinking that interest rates are low purely for their benefit. Investors are pricing in earnings growth expectations at normal levels, such that low interest rates are seemingly the rationale for paying higher multiples for many stocks.”

Mr Robertson believes this is at the heart of why so many investors are getting their company valuations wrong.

“If you lower the discount rate because bond yields are so low but maintain trend earnings, it is mathematically possible to justify some of the multiples we are seeing in global equities, most notably in the technology and consumer staples sectors. However, in the long run, a business cannot grow faster than the economy or economies in which it operates.”

Mr Robertson says at some point, there will be a reckoning.  “Either earnings are going to disappoint because growth is lower or over time rates have to rise. Either way, that is going to be a painful process for the most overvalued companies.”

Finding opportunity in 2020 markets

From a more local perspective, Aaron Binsted, Portfolio Manager on Lazard’s Australian Equity team, agrees that it is interest rates, not company fundamentals, which are driving Australian equity markets higher.

“Our concern is that the economic picture does not match with equity market valuations. We do believe that we are in the latter stages of a tech boom. Software stock valuations stand near to the highest levels seen since 2000,” says Mr Binsted.

“Even the valuations of more mundane sectors look challenged. The ASX Industrials Index is trading at a 30% premium to pre-GFC boom levels at a time when earnings estimates have been falling.”

The good news is that there are pockets of reasonable value in the market.

Mr Binsted says that the Lazard Australian Equity Team is seeing some value in quality resources companies with growth potential, including Rio Tinto and Woodside for example. Lazard also likes some domestic infrastructure names for their defensive earnings, and some growth stocks that have fallen out of favour, such as Domino’s Pizza.

Reflecting on the year ahead for global equities, Mr Robertson agrees that there are value opportunities.

“While we are value investors and our philosophical in our approach, Global Equity Franchise is a quality focused portfolio that buys forecastable businesses at sensible valuations. Today, in contrast to the broader equity market, we can find quality business trading at multiples similar to those over the past 5-years.

“We are confident that valuation focused investors will be rewarded for their discipline as we enter a late cycle period. History shows that when these cycles reverse, they do so aggressively,” says Mr Robertson.

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