Vicki Riggio

Perpetual Corporate Trust has been appointed as the Responsible Entity (RE) of the Vitalharvest Freehold Trust (ASX:VTL) managed by goFARM Asset Management.

Perpetual Corporate Trust General Manager – Managed Fund Services, Vicki Riggio said: “We are delighted to be expanding into the listed agricultural sector. It is an area we feel is underrepresented in the Australian share market and at present, there are a limited number of ASX listed Agricultural REITs available to retail investors.

“This is Perpetual’s first Listed Investment Trust in the agricultural sector and is the third listed deal Perpetual has made this year, following recent deals with Metrics Credit Partners and Montgomery Global Equities Fund MOGL.”

goFARM Asset Management is a Melbourne-based, Australian owned, agricultural investor, developer and manager, with a focus on high growth investment opportunities in Australian agriculture.

The trust is a newly established registered managed investment scheme, designed to provide shareholders with a growing income stream and potential for capital growth. The fund recently listed on the Australian Securities Exchange (ASX) after raising $185 million.

Its portfolio consists of seven properties across New South Wales, Tasmania and South Australia with a combined value of $238 million. Costa Group Holdings, one of Australia’s largest growers and packers of fruit and vegetables, is a long term premium tenant.

“We believe this new partnership will pave the way for Perpetual to further strengthen its capabilities in this asset class. We look to work with clients providing innovative products and services, and take all opportunities to broaden our offerings for investors,” Ms Riggio added.

Liza Whitmore, Chair of goFARM Asset Management said: “This well-diversified portfolio will offer investors exposure to Australia’s largest aggregation of citrus orchards and berry farms located throughout prime growing locations.

“The properties are well established, operationally proven and strategically located with diversity of crop type, climate, water source and end market.

“Our team is experienced in the management, acquisition and development of high quality agricultural properties and will be backed by Perpetual’s deep heritage and experience in the RE space.”

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In this role, Ms Riggio will be responsible for several areas including Custody, Wholesale Trustee, Responsible Entity Services, Investment Management for Managed Investment Trusts, and Perpetual’s Singapore business.

Commenting on the appointment, the Group Executive of Perpetual Corporate Trust, Chris Green said: “Vicki has more than two decades’ experience in corporate trust and has demonstrated both skill and foresight in evolving the Management Services business over the past two years.

“We are delighted to make an internal appointment of Vicki’s calibre. Her leadership and dedication to providing a first-class experience for our clients will continue to benefit our entire business.”

Ms Riggio has been promoted from her role as General Manager, Management Services, where she held responsibility for Trust Management, Accounting and Investment Management services offered to debt capital markets and managed fund clients in Australia and offshore.

Prior to this, Ms Riggio was Head of Wholesale Trustee, where she was responsible for the delivery of trustee services to a portfolio of funds in excess of $40 billion.

Perpetual Corporate Trust is Australia’s leading provider of corporate trustee services to fund managers and institutional investors based locally and outside Australia.

At Perpetual’s 1H18 results, Perpetual Corporate Trust delivered a profit before tax increase of 18 per cent on the corresponding period of the 2017 financial year.

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Vicki Riggio has been appointed to the role of General Manager, Management Services. In her new role, Ms Riggio has responsibility for the trust management, accounting and investment management services offered to Perpetual’s debt capital markets and managed fund clients across Australia and offshore.

Ms Riggio has worked in financial services for close to 20 years, bringing extensive experience across a variety of asset classes and trust structures, with knowledge across tax, law and accounting.

Previously Ms Riggio was Head of Wholesale Trustee, responsible for the delivery of trustee services to a portfolio of funds in excess of $40 billion. During her time at Perpetual, she has also been responsible for Perpetual’s debt markets trustee operations and ongoing trustee compliance arrangements.

Phillip Blackmore will replace Ms Riggio as the new Head of Wholesale Trustee. Mr Blackmore brings 19 years’ financial services experience to the role, including nine years working within Perpetual’s Group Risk team.

During this time Mr Blackmore was responsible for Perpetual’s insurance program, the development of Perpetual’s Risk Appetite Statement and the risk management due diligence and integration for the acquisition of The Trust Company. More recently, Mr Blackmore was responsible for the risk oversight of Perpetual Corporate Trust, Perpetual Investments and Perpetual’s People and Culture division.

Group Executive Chris Green said the appointments highlight Perpetual’s commitment to developing staff and promoting from within the organisation.

“Perpetual prides itself on the extensive experience of its people. Both Vicki and Phillip bring an excellent understanding of risk, governance and compliance, making them important assets to the growing Perpetual Corporate Trust team.

“Our services continue to experience strong demand and we are delighted to have such practiced and proficient people to support our ongoing expansion.”

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