Jeremy Gordon

Allspring Global Investments, a global asset management company with more than US$611 billion in assets under advisement, is pleased to announce the appointment of Jeremy Gordon as head of Sales for Australia and New Zealand. This strategic appointment underscores Allspring’s commitment to enhancing its distribution capabilities and expanding its presence in the region.

Based in Sydney, where Allspring is opening its first office in Australia, Jeremy will be responsible for leading sales and client service initiatives and strengthening relationships with key institutional stakeholders across Australia and New Zealand. He will report to Andy Sowerby, head of the International Client Group at Allspring.

“Jeremy’s appointment reflects our continued investment in building a world-class team to support our clients in Asia Pacific and across the globe”, Andy Sowerby said. “His deep asset management industry knowledge and strategic approach will be key as we broaden our reach and deliver tailored solutions that meet the evolving needs of investors based in Australia and New Zealand”.

Jeremy has more than 25 years of experience in the funds management industry. He spent over 17 years at Challenger Investment Management, including leading institutional sales and client service for Challenger Life, and Fidante affiliate Ardea Investment Management. His expertise in developing strategic long-term client relationships has been critical in meeting and exceeding client needs.

“I am delighted to be joining Allspring at such a pivotal point in its growth journey”, Jeremy Gordon commented. “I look forward to bringing my experience to contribute to the company’s ongoing success and to supporting clients in achieving their investment objectives”.

This appointment follows Allspring’s recent partnership with Bennelong Funds Management, through which the Allspring Global Income Fund was launched for Australian investors via a local Australian Unit Trust. This fund offers daily liquidity with exposure across fixed income asset classes and reflects Allspring’s continued commitment to delivering innovative investment solutions.

Jeremy Gordon joins Allspring Global Investments with a wealth of experience in the asset management industry. He spent over 17 years at Challenger, including leading institutional sales and client service at Ardea Investment Management, an affiliate of Challenger fund management subsidiary Fidante. Jeremy earned a bachelor’s degree in business with an emphasis in marketing from UTS Sydney and a graduate diploma in applied finance and investment from the Securities Institute of Australia.

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John Burke

Bennelong Funds Management has launched the Allspring Global Income Fund, targeting Australian retail, wholesale and institutional investors.

The product launch follows the announcement in May that Bennelong has partnered with Allspring Global Investments (Allspring) to distribute its global income strategy across Australia and New Zealand.

Allspring is a leading asset manager with USD$600 billion of assets under management and advisement, managing over USD$460 billion in fixed income assets for a global client base.

The new fund is based on Allspring’s global income strategy and dynamically invests across global fixed income sectors including government, securitised, investment grade credit, high yield and emerging market debt markets.

The fund offers daily liquidity with an objective of outperforming the Bloomberg Global Aggregate Index and generating a total return consisting of a high level of current income (paid monthly) and capital appreciation.

John Burke, CEO of Bennelong, said “We believe this fund can be a core component of well diversified portfolios. Allspring’s global income strategy has delivered strong risk-adjusted returns for over ten years, and it’s exciting to bring a proven, well-diversified and dynamic product to our network of investors, advisers and institutions.”

Gillian Larkins, Chair of the Bennelong Funds Management Limited Board, said “our alignment with Allspring represents another important step in the process of moving Bennelong from a largely equities-based business to one that best caters for the evolving needs of investors across all asset classes.”

Andy Sowerby, head of the International Client Group at Allspring, said recent market volatility continues to highlight the importance of dynamic allocation.

“Our flexible, multi-sector approach is different from strategies with more static allocations and fewer exposures, and to strategies managed to three or five-year macroeconomic themes. The strategy has delivered competitive performance in periods of market stress, including over the challenging markets of 2025,” he added.

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In his new role, Kudva will be responsible for leading the firm’s retail and institutional distribution across the region and continue to be based in Mumbai. Kudva’s appointment is effective at the completion of Franklin Templeton’s acquisition of Legg Mason, which is expected on 31 July 2020.

Kudva brings over three decades of industry experience and expertise in asset management and banking. Prior to taking up this role, he held a similar leadership position as Head of EMEA and India, also based in Mumbai.

Jenny Johnson, President and CEO of Franklin Templeton,said, “The acquisition of Legg Mason will establish Franklin Templeton as one of the world’s largest independent asset managers, with a newly combined AUM that will be over USD$164 billion in the APAC region, after deal close. I would like to congratulate Vivek Kudva on his new role to lead the team in delivering a range of truly diversified global investment strategies through an expansive distribution organisation with global reach and scale. Vivek’s strengths as a leader and depth of experience in various international markets position him ideally to lead our newly combined business in the APAC region.”

In addition, Kudva announced the following senior leadership team with expanded responsibilities in the combined organisation within the APAC region. All new appointments will be effective at the close of the acquisition:

• Matthew Harrison will continue in his role as Managing Director, Australia and New Zealand.
• Linda Liang will take up a new role as Head of China Strategy, overseeing the business of our wholly foreign owned enterprise (WFOE) in China as well as our joint venture company, Franklin Templeton Sealand Fund Management Co. Ltd.
• Isabella Chan will be appointed as Head of Hong Kong, with additional responsibility for the Taiwan business. Shannon Wang will continue as General Manager of Legg Mason Investments (Taiwan) Limited and report to Chan.
• For India, Sanjay Sapre will continue in his role as the President of Franklin Templeton Asset Management (India) Private Limited.
• In Japan, Suguru Kuwahata, currently President of Legg Mason Asset Management (Japan) Co. Ltd., and Tatsuya Oguchi, currently President of Franklin Templeton Investments Japan Ltd., will both report to Kudva and continue to develop the Japan business.
• For Korea, Yong-bae Jeon will continue in his role as President.
• Avinash Satwalekar will take up an expanded role as Country Head of Malaysia with additional responsibility for the oversight of Asia Marketing (ex-Japan and India). He will also continue to serve as Chairman of the Board for Vietcombank Fund Management (VCBF), a joint venture in Vietnam with Vietcombank.
• Dora Seow will take up an expanded role as Country Head of Singapore and the broader South East Asia region (ex-Malaysia and Vietnam) with additional responsibility for Asia Institutional Client Services.
• Richard Surrency, Head of Alternatives Sales, Asia, will continue in his role, focusing on growing the firm’s alternative business in the region.

Kudva commented, “I am delighted to be taking up my new role as Head of APAC for Franklin Templeton. Post the Legg Mason deal close, the combined entity will be well positioned to capitalise on the diverse growth opportunities that exist across the region. Our clients will benefit from the added capabilities across multiple world-class specialist investment organisations, and I look forward to working with my experienced leadership team to continue to deliver the exemplary service our clients expect from us.”

“The combination of our two distribution platforms will enhance organic growth in the region as we expand our presence in key markets such as Japan and Australia. In addition, we see tremendous growth potential in China as the country continues to further liberalise and open up its market,” added Kudva.

Following long and distinguished careers at Franklin Templeton, Mark Browning, Managing Director for Asia Pacific, and David Chang, Regional Head for Greater China, will both depart the firm. Andy Sowerby, currently CEO of Australia & New Zealand and Head of Asia Pacific (ex-Japan) for Legg Mason, has decided to leave the organisation. Browning, Chang and Sowerby will be staying on for a transitional period after the acquisition.

“We would like to thank Mark Browning, David Chang and Andy Sowerby for their dedicated service and invaluable contribution in building a strong franchise for Franklin Templeton and Legg Mason in the region,” said Johnson. “Moving forward, I am confident that our combined regional footprint led by Vivek will create a distribution powerhouse in the region, while significantly deepening our presence in key focus countries.”

The landmark acquisition of Legg Mason will establish Franklin Templeton as one of the world’s largest independent asset managers and will add differentiated capabilities to Franklin Templeton’s existing investment strategies, with modest overlap across multiple world-class specialist investment managers and distribution channels. The combined firm, with USD$1.4 trillion in assets under management, will bring added leadership and strength in core fixed income, active equities and alternatives—as well as an expansion of multi-asset solutions capabilities, a key growth area for the firm amid increasing client demand for comprehensive, outcome-oriented investment solutions.

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Launched June 2011, the Legg Mason Martin Currie Equity Income Fund has since been at the forefront of retirement income solutions in Australia. The objective of the strategy is to provide a sustainable and growing income stream and to deliver total returns with less volatility than the broader equity market.

Since inception, the Fund has exceeded its aim to provide a total income stream that is higher than that of the S&P/ASX 200 and has also delivered this income with lower volatility than the Australian share market^[1].

The Zenith report stated: “The Martin Currie Australian (MCA) equities team is headed by Chief Investment Officer, Reece Birtles. Birtles is an experienced portfolio manager, having managed equity portfolios both domestically and abroad. Birtles is supported by the broader MCA equity team which includes ten fundamental research analysts and two team members focused on quantitative research.

“The research effort is structured to identify companies that can deliver a sustainable, inflation protected income stream. The investment team typically adopts a more conservative approach when determining a company’s “through the cycle” dividend payment, with the forecasted dividend being reflective of the free cash flows the company is likely to generate at the bottom of the economic cycle. Zenith believes MCA’s research process is well established, appropriately blending the analysts’ fundamental insights with internal quantitative directional tools.”

Reece Birtles, lead Portfolio Manager for the strategy and key architect of Martin Currie’s retirement solutions, noted that the upgrade neatly coincided with the 10-year anniversary of Martin Currie’s focus on income oriented solutions.

He said: “Ten years ago we set a goal of helping our clients access a better income stream to facilitate a better standard of living. The objective was to offer lower income variability, provide inflation protection and to provide good income and capital growth for longevity. This rating upgrade represents an important recognition of both our results to date and perhaps more importantly, the process we’ve put in place to continue to provide for our clients for the future.”

Zenith also focused on the Fund’s flexibility as an important aspect of differentiation.

Zenith noted: “As a result of the Fund’s income target, it is not constructed with reference to a benchmark and is expected to hold between 40 and 60 companies. Consistent with the Fund’s inflation protection mandate, Birtles will seek to diversify the Fund’s revenue sources to companies whose revenues are more closely linked to domestic economic growth and the level of inflation.

“Overall, Zenith views the portfolio construction process to be complementary to the fundamental research process, which appropriately combines the stock research performed by the analysts and Birtles’ construction skills.”

Legg Mason Managing Director, Andy Sowerby, said: “The decision to upgrade the rating of the Legg Mason Martin Currie Equity Income Fund to ‘Highly Recommended’ recognises the strong product design underpinned by a world-class investment team and a proven investment process. It is pleasing to note Zenith views this Fund as their preferred option in the Equity Income sector.”

Overall assets in the Equity Income strategy are AUD $6bn with AUD $215.3 million in the local Fund (as of 30 June 2020.)

The Fund is also available as an Active ETF – the BetaShares Legg Mason Equity Income Fund (managed fund) (ASX: EINC).

Key features of the Fund include:

• Aims to deliver a growing income stream by investing in quality Australian listed companies
• Strong focus on income growth to protect purchasing power
• Seeks to extract the full benefits of franking credits for zero tax rate payers

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[1] Past performance is not a guide to future returns. Source: Legg Mason, Morningstar, as at 30 June 2020. Fund inception date is June 2011. This strategy is not constrained by a benchmark, however for comparison purposes is shown against the S&P/ASX 200 Accumulation Index.

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Andy Sowerby

Australia has entered a record low interest rate environment and may remain so for a prolonged period. Thus, investors, and their advisers, face a problem; how to generate sufficient income in a low interest rate world without taking on undue risk?

Andy Sowerby, Managing Director, Legg Mason Australia says: “In today’s challenging, low interest rate environment, searching for regular income sources requires both flexibility and creativity.

“In an uncertain world, investors must continue to diversify.  The Legg Mason Brandywine Global Income Optimiser Fund, launched in May 2017 in Australia, is designed to give investors access to the world’s most attractive fixed income opportunities with a strong focus on capital protection. This strategy is proving its worth and is ranked in the top decile of its peer group^ since its launch,” he notes.

“For over three years, this Fund has been providing Australian investors a flexible approach to sourcing global income and managing risk. The Fund combines Brandywine Global’s macro-economic analysis and deep sector expertise to build a portfolio that dynamically manages downside risk, while capturing attractive risk-adjusted return opportunities – all while preserving the diversification characteristics of a traditional global fixed income portfolio,” says Sowerby.

The Fund’s investable universe includes a broad mix of global securities including (but not limited to): sovereign, investment grade, high yield, structured credit and emerging market debt.

“This flexibility allows Income Optimiser to source income from areas where it is attractive and available while avoiding where it is not. As different asset class, sectors, industries, and parts of the capital structure come in, and out of favour, Income Optimiser seeks income from the market-sub-sectors with the most favourable income and risk/return profiles,” says Brian Kloss, Portfolio Manager, Brandywine Global.

“Notably, the Fund performance as at 31 May is 9.62 % (1yr), 6.98% (2yrs) and 5.10% (3yrs) and in addition is up 5.61% year-to-date (net of fees). It benefited from its significant exposure to U.S. investment-grade credit. Positions in banks and technology companies produced strong relative and absolute returns during the month. In general, U.S. financial institutions have been well capitalised since the Global Financial Crisis, and we remain constructive on the sector,” says Kloss

Kloss adds: “In late March, the Fund significantly increased its exposure to long-duration U.S. investment-grade corporate bonds. We continue to minimise exposure to lower-quality corporate credit, and believe the best opportunities are in the financial, consumer non-cyclical and technology sectors. While we continue to believe that value exists within emerging market debt, we are cautiously positioned in this space due to the increasingly uncertain macro backdrop. The Fund also continues to have exposure to U.S. housing securities, which offer solid fundamentals with minimal direct interest rate sensitivity.

“Looking forward, we continue to closely monitor for value opportunities across the corporate credit spectrum. For instance, while the G3 central banks have each provided a backstop for investment-grade corporate issuers, the high-yield credit has not received the same level of intervention to date. Therefore, high-yield corporate credit has not seen the same demand or spread compression as the investment-grade market and may offer compelling value as the economic backdrop improves. However, any additional exposure there will be taken carefully and with a keen eye on the progress of reopening across the relevant sectors,” adds Kloss.

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Andy Sowerby

Legg Mason has reduced the Management Cost for the Legg Mason Brandywine Global Income Optimiser Fund, by 10 basis points to 0.65% per annum, effective immediately.

The Legg Mason Brandywine Global Income Optimiser Fund is managed by Brandywine Global, a highly rated and awarded specialist in global fixed income with proven expertise over multiple investment cycles. The Fund, which has $45 million (as at 30 September 2019) in funds under management since being launched in the Australian market in May 2017, has had a 10% net return in the past year to 31 October 2019.

Andy Sowerby, Managing Director, Legg Mason Australia & New Zealand, says: “This Fund has the dual aims of maximising income while preserving capital and achieves this through investing globally across the full range of fixed income markets.

“In the current climate, with the cash rate at 0.75% and predicted to go lower, we believe an active fixed-income Fund that can access diverse sources of income in global fixed income markets to secure a competitive yield while making every effort to protect investors’ capital is a powerful investment option.

“We understand that investors, especially if they are transitioning to, or are in, retirement, place a high priority of capital preservation, which is why this Fund also aims to limit downside risk by rotating risk across different sectors and through tactical hedging of credit and interest rate risk.”

The Legg Mason Brandywine Global Income Optimiser Fund investable universe includes a broad mix of global securities including but not limited to; sovereign debt, emerging markets debt, global high yield or investment grade credit, structured credit, convertible securities, preferred or common stock and currencies.  This flexibility allows Income Optimiser to source income from areas where it is attractive and available while avoiding where it is not. As different asset class, sectors, industries, and parts of the capital structure come in, and out of favour, Income Optimiser seeks income from the market-sub-sectors with the most favourable income profiles.

Sowerby says the research houses Lonsec and Zenith have given the Fund ratings of “Investment Grade” and “Recommended”, respectively, reflecting its growing status among its peers in this asset class.

“With the Fund approaching its three-year anniversary in May 2020, we believe its track record to date, when coupled with a lower and competitive fee, make this a compelling investment opportunity, especially for those investors for whom both attractive regular income and capital security are paramount.”

Key facts

The table below shows net returns:

Objective: Seeks to provide attractive levels of income relative to the market, over a full market cycle, while reducing volatility through actively managed strategies.

Key Benefits:

• Systematic and disciplined approach
• Top down macro & valuation driven   research
• Strong focus on income stream remaining stable
• Seeks to limit downside risks through sector rotation

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Launched in December 2015, the Fund is managed by the wholly owned Legg Mason affiliate Martin Currie and offers investors a concentrated, fundamental, quality growth styled international equities exposure.

Zenith believes “The Fund is an attractive offering managed by an experienced team that employs an intuitive investment process.”

The investment team is led by Edinburgh based Zehrid Osmani, who has over 20 years of investment experience. Zenith has a high regard for Osmani, believing he has the requisite skills and experience to successfully lead the team and manage the Fund.

The Global Long-term Unconstrained team investment philosophy is that companies with high and sustainable returns on invested capital deliver superior outcomes over the long term. Proprietary fundamental research is employed to identify these companies, which the team believe are undervalued by the market. Through a benchmark unaware approach, Martin Currie then aims to build a portfolio of high-quality growth companies that participate in market upswings, while – due to their high-quality characteristics – protecting on the downside. The Fund typically holds 20 to 40 positions and aims to be fully invested, with cash levels held to a minimum.

Zenith reports: “Overall, Zenith believes Martin Currie’s standardised research process provides a consistent and effective framework through which different companies are compared. In addition, we consider Martin Currie’s emphasis on investment sustainability to be a point of differentiation relative to peers.

“The Fund’s investment objective is to outperform the MSCI All Country World (ex Australia) Index $A (before fees) over rolling five-year periods. Since inception, the Fund has outperformed the benchmark and its peer group. On a risk-adjusted basis, the Fund’s Sharpe Ratio has been positive since inception. Thus, investors have been rewarded for the absolute risk exhibited by the Fund.”

Zenith adds: “International equities provide investors with a broad exposure to industries and countries. With such a broad universe, it is expected that managers can deliver superior returns to Australian equities and more conservative asset classes. However, the expectation of greater returns comes with increased volatility, especially when currency movements are considered. Therefore, it is recommended that investors adopt a longer time frame when investing in international equities.

“The Fund utilises a relatively concentrated, benchmark unaware portfolio construction process that may appeal to investors seeking a relatively active and focused exposure to international equities.”

Commenting on the new rating, Andy Sowerby, Legg Mason’s Head of Australia and New Zealand said “Martin Currie has developed the global long-term strategy over the past several years and, in so doing, have created a truly differentiated and compelling investment proposition.

“This strategy was then launched in Australia as a local fund in 2015 and has a proven track record of adding value ahead of both the market indices and the peer group. We are delighted that Zenith have now recognised this offering with a Recommended rating.”

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Mr. Sowerby will continue his position as Country Head and Managing Director for Legg Mason Australia & New Zealand, a role he has held since August 2016.

In his new and expanded role, Mr. Sowerby will continue to report to Terry Johnson, Head of Global Distribution and a member of the company’s executive management group. Mr. Johnson said: “Andy has more than 25 years of experience in senior distribution roles, including Board level experience at both Investec Asset Management and Martin Currie, an investment affiliate of Legg Mason. His management experience, coupled with his strong track record over the past three years leading our Australasian business, has made him the ideal candidate to take on additional responsibilities in this region. Lennie has been instrumental in establishing many of our business relationships in Asia and we would like to thank him for his contribution.”

Lennie Lim, Regional Head for Asia ex-Japan, will retire on 31 Mar 2020. Mr. Lim has been with Legg Mason for over 12 years and will be transitioning his duties to Mr. Sowerby over the course of the next few months.

Legg Mason is a diversified global asset management firm with nine investment affiliates spanning fixed income, equity, alternative and liquidity asset classes.

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Andy Sowerby

The Legg Mason Western Asset Australian Bond Fund, with more than A$1 billion in funds under management, has been added to the Zenith Investment Partners’ Elite Blend portfolios.

David Wright, Managing Partner and joint founder of Zenith Investment Partners said: “We are pleased to include this Fund in our managed portfolios, the Elite Blends portfolios, as our preferred Australian Fixed Income strategy. It provides exposure to an actively managed portfolio of Australian bonds by Legg Mason affiliate Western Asset.

“Western Asset is one of the world’s leading fixed income managers, recognised for its approach that emphasises team-based decision making, and intensive proprietary research supported by robust risk management.

“We place this Fund in the ‘highly recommended’ rating category. We believe it is well positioned to generate returns through a range of active strategies including sector rotation, credit selection and, to a lesser extent, interest-rate and yield-curve positioning.

“Bonds form a key component of an investor’s portfolio and more specifically their exposure to the fixed interest asset class due to the defensive characteristics they exhibit. The Fund is considered appropriate for those seeking exposure to domestic fixed interest and for blending with international fixed interest strategies to produce a more balanced set of investment outcomes.

“Zenith continues to have high regard for the Fund’s Melbourne-based team and the leadership qualities of Anthony Kirkham, Head of Investment Management. Further, with a demonstrated track record with respect to the achievement of targeted objectives, Zenith considers the Fund to be among the strongest propositions within our rated Australian Fixed Income ‘Bonds’ peer group,”  said Mr Wright.

Andy Sowerby, Managing Director, Legg Mason Australia and New Zealand said: “We are proud to partner with the Zenith Consulting team who have recognised the strong investment capabilities of Western Asset alongside the diversification and defensive characteristics that this Fund brings to a portfolio, especially in today’s volatile market conditions.

“The Legg Mason Western Asset Australian Bond fund is 20-years old and has been awarded the Zenith Fixed Income Manager of the Year in its category for the past three years, and has consistently delivered returns for investors since inception,” said Mr Sowerby.

The Fund recently surpassed A$1 billion in funds under management and is also available as an Active ETF (ASX: BNDS) which debuted on the ASX in November last year.

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Andy Sowerby

Two market-leading Legg Mason Fixed Income Funds, the Legg Mason Brandywine Global Opportunistic Fixed Income Fund and the Legg Mason Western Asset Australian Bond Fund are now available to financial advisers via the Colonial First State FirstWrap platform.

The Legg Mason Brandywine Global Opportunistic Fixed Income Fund currently manages over A$635 million for Australian investors and offers an unconstrained, high conviction global fixed income strategy with a ‘go-anywhere’ opportunistic style.^[1] Managed by Brandywine Global, the fund targets investment in markets offering the highest real yields and employs active currency management to help protect capital and enhance returns.

The Legg Mason Western Asset Australian Bond Fund, managing over A$1 billion in funds under management, is an actively managed fund against the Bloomberg AusBond Composite 0+ Year Index.^[1] Typically, it invests in Australian dollar-denominated debt securities paying fixed or floating rate coupons issued by governments, supra-national bodies and Australian and foreign corporates.  The fund is headed by veteran fixed income investor and Portfolio Manager Anthony Kirkham and is well supported by Western Asset’s deep global resources.

Legg Mason Managing Director, Australia and New Zealand, Andy Sowerby, notes: “We are very pleased to have these funds included on the Colonial First State FirstWrap platform. We have purposefully developed a full range of fixed income solutions that draw upon the world-class capabilities of our two leading specialist managers in this asset class – Western Asset and Brandywine Global.

“These flexible bond strategies are designed to help investors build more resilient and diversified portfolios. They increasingly appeal to investors due to the long-term strength of the propositions, competitive pricing and high independent ratings.

“We continue to ensure these award-winning funds are accessible via effective partners in structures that appeal to a variety of investors, be it financial advisers, self-directed investors or institutional clients,” said Mr Sowerby.

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 [1] Funds under management as at 14/08/2019

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