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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CFSGAM has been managing fixed income portfolios in Australia for the past 26 years and currently controls AUD$50.8 billion of assets in credit, fixed interest and cash. In addition, a team of five investment professionals has been based in Hong Kong for 13 years, focusing on Asian fixed interest investments.

Joanna Davison, Colonial First State Global Asset Management’s Regional Managing Director, Australia & New Zealand said emerging markets debt holds strong prospects for investors over the next ten years.

“The establishment of an emerging markets debt team marks a significant expansion of our capabilities in Europe, the Middle East and Asia, with intentions to take this offering to other regions in the longer term,” said Ms Davison.

“This move will allow us to build on our existing capabilities and investment expertise in the areas of emerging markets and fixed income, providing certainty for investors who are seeking a determined level of income over a set period of time. In addition, we believe this move will deliver significant opportunities for the organic growth of our business globally.”

The newly established Emerging Markets Debt team will be based in the United Kingdom and will be headed by Helene Williamson, a 30 year veteran of financial services with 15 years experience in emerging markets debt. The UK team will be supported by the team in Asia. CFSGAM’s operations across Europe, the Middle East, Africa and Asia (First State Investments) manage more than AUD$51 billion across some of the best performing Asia Pacific and global emerging market equity funds and segregated portfolios.

“There is significant institutional interest in emerging markets debt, particularly in Australia and continental Europe but also in Asia, the UK and the US,” said Ms Davison.

“Investors are looking to take advantage of a rise in demand for debt from corporate and sovereign borrowers in South America, Russia and Asia – this move has been prompted by concerns over inflation, low government bond yields and the deteriorating creditworthiness of some European countries.”

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