Portfolio Partners today announced that Joint Managing Director Mr David Slack will assume the new role of Director, Investment Strategy, in which he will undertake equity research and mentor the company's team of investment analysts.
Portfolio Partners today announced that Joint Managing Director Mr David Slack will assume the new role of Director, Investment Strategy, in which he will undertake equity research and mentor the company's team of investment analysts.
"We are delighted that David will be returning to focus on his true passion - analysing companies and markets - and share his knowledge by working with our analysts," said Chief Executive Officer of Norwich Union Australia Mr Rob Garnsworthy. "This is a huge positive for Portfolio Partners and for David personally. David is able to concentrate on the area he loves, and we enjoy the benefits of ongoing access to the funds management expertise for which he is so renowned and respected."
Mr Slack's other role as Chief Investment Officer will be devolved into its three components:
Chairman of the Investment Committee, a role Mr Slack will continue to perform; custodian of the investment process, which will be the responsibility of new Investment Specialist Mr Robert Fowler, who has a strong background in Australian equities; and risk profiling, which will be fulfilled by a new senior hire.
Mr Garnsworthy said these changes were part of Portfolio Partners' clear succession planning. "The evolution of the team and process continued earlier this year with David's longstanding deputy Chris Kourtis assuming his role as Head of Equities and Glenn Hart taking up the position of Deputy Head of Equities. We also starting to see the benefits of some recent key appointments to boost the team."
These included the appointment in late 2000 of Andrew Hamilton as dedicated Risk Analyst and Joseph Meawad as Derivative Securities Analyst.
"These changes demonstrate Norwich Union Australia's desire to build aggressively its Australian funds under management in line with the global strategy of our parent company CGNU to create a world-class asset management business," Mr Garnsworthy added.
"Mr Slack has been instrumental in successfully managing Portfolio Partners' transition over the past two years from boutique fund manager to part of a global financial services group. With the expertise of the Portfolio Partners team and our closer ties to CGNU's UK-based funds manager Morley (managing $A 277.4b), Portfolio Partners will be a real force in Australian asset management with a great deal to offer both its wholesale and retail clients."
With close to 25 years' experience in funds management, Mr Slack is well known to the industry.
He is one of the original members of the Portfolio Partners team - co-founding the company in 1994 with Mr Keith Ince, who left the company earlier this year and handed the reins over to Mr Craig Bingham.
Mr Bingham will now assume the title of Managing Director.
"Having worked closely with Craig over the past six months, I am extremely confident of his ability to lead the Portfolio Partners team in our next stage of development," Mr Slack said.
Background
Portfolio Partners is wholly owned by Norwich Union Australia, a member of the international CGNU plc group. CGNU plc was created in May 2000 from the merger of UK companies CGU plc and Norwich Union plc. With market capitalisation of $60 billion, CGNU is among the largest 20 companies listed on the UK stock exchange and has offices in 29 countries.
CGNU manages assets in excess of $A600 billion, and is ranked the number one life insurer in the United Kingdom and the world's sixth largest insurance group.
Portfolio Partners has evolved from a specialist investment manager to a multi-product manager with a firm focus on playing an active role in CGNU's global strategy of building a world class fund management business.
Portfolio Partners provides active funds management services to both institutional and retail clients. Its institutional clients include a variety of public, corporate and industry funds. With approximately $10b in funds under management - primarily in the areas of Australian equities, fixed interest and balanced funds - Portfolio Partners is an organisation with a wide range of investment management skills and strong commitment to providing clients with innovative products and dependable investment growth.
For further enquiries
Fiona Baker
Head of Communications
Portfolio Partners, Australia
Telephone: 03 9220 0327
Mobile: 0401 147 955