Transcript of "Perpetual's WealthFocus investment manager information"
investment manager information
effective from 2 October 2009
WealthFocus platform Manager information
Aberdeen Investment Management Aberdeen Investment Management Australia Limited (Aberdeen) offers a wide range of funds to
Australia Limited meet your investment needs. Our assets under management in Australia exceed A$20.2 billion¹ and
we have introduced a number of funds to the range we offer in the Australian market.
1 As at 30 June 2009.
Advance Asset Management Advance Asset Management Limited (Advance) – is a subsidiary of the Westpac Banking
Limited Corporation (Westpac). Since 1984, Advance has partnered with some of the smartest names
in funds management – offering a distinct difference for clients through its unique suite of
multi-manager and single sector manager investment solutions. Using a rigorous thinking approach,
Advance hand picks the best performing fund managers from global markets, and identifies and
packages the perfect combination of these fund managers to be brought to the Australian market.
AMP Capital Investors Limited AMP Capital Investors (AMP Capital) is a specialist investment manager with $90 billion in funds
under management as at 30 June 2009. As a wholly owned subsidiary of AMP Limited, AMP
Capital Investors operates with a pure investment focus, while benefiting from the resources of
its parent. With almost 240 in-house investment professionals and a carefully selected global
network of investment partners, AMP Capital Investors offers significant depth and breadth of
Ausbil Dexia Limited Ausbil Dexia Limited is an Australian equities specialist with approximately $9 billion in fund under
management as at 30 June 2009.
Established in 1997, Ausbil is a joint venture between senior members of the Australian investment/
management team and Dexia Asset Management, the asset management arm of the Dexia Group,
a major European bank. The joint venture offers investors the focus and specialisation of an
employee-owned boutique with the backing and financial integrity of a global banking partner.
AXA Australia Investment AXA Australia (AXA Australia)¹ – is a member of the Global AXA Group, one of the world’s leading
Management Limited global financial services companies, with a strong commitment to industry leadership. Through
their joint venture with AllianceBernstein Australia Limited (Alliance Bernstein), AXA is able to
deliver to Australian investors the proven expertise and experience of a recognised global
1 National Mutual Funds Management Limited
Bernstein Value Equities (Bernstein) – is a unit of AllianceBernstein Australia Limited. Bernstein
uses a value process which combines fundamental and quantitative investment research to identify
those undervalued companies that offer the best opportunities. Bernstein is represented through
AllianceBernstein Australia Limited in Sydney and Melbourne offices.
Barclays Global Investors Australia Barclays Global Investors (BGI) is one of the world’s largest asset managers and a leading global
Limited provider of investment management products and services. It has nearly 3,000 institutional clients
and over A$2 trillion of assets under management (June 2009). BGI is a majority-owned subsidiary
of Barclays PLC, one of the UK’s largest companies and one of the world’s foremost providers of
financial services with operations in over 60 countries.
BGI Australia (BGIA) has been one of the leading growing investment managers in Australia with
over A$31 billion in assets under management (June 2009).
BGIA offers a wide range of total return, risk-controlled active and index strategies across both
developed and emerging markets. In addition, iShares, BGI’s world leading family of exchange
traded funds (ETFs), were launched in Australia in October 2007.
Note: On June 16 2009, Barclays Bank PLC, the ultimate parent company of BGI, accepted a
binding offer and entered into a purchase agreement to sell its interests in BGI, and certain affiliated
companies, to BlackRock, Inc. The closing of the BlackRock transaction is subject to certain
regulatory approvals, as well as other customary conditions prior to closing including approval
by Barclays shareholders (granted 6 August 2009). The BlackRock Transaction is expected to
complete on or around 1 December 2009.
If all conditions for close are met, BGI and BlackRock will form an integrated firm that will operate
under the name Black Rock Global Investors. The combined asset manager will be fully dedicated
to asset management and will offer an extended and deeper range of investment capabilities to
clients that the offer separately.
WealthFocus platform Manager information
BlackRock Investment BlackRock is a premier provider of global investment management, risk management and advisory
Management (Australia) Limited services to clients around the world. BlackRock is one of the world’s largest asset management
firms with over AUD2.11 trillion (as at 30 June 2009) in assets under management. The organisation
has more than 5,000 employees and 55 offices strategically located in 21 countries around the
globe, with investment centres in both Sydney and Melbourne.
In Australia, BlackRock Investment Management (Australia) Limited offers the expertise of an
experienced team of investment professionals, backed by leading global entity, across a full range
of products, services and systems, including equities, fixed income, property and alternative assets.
BNP Paribas Asset Management BNP Paribas SA is a European leader of global magnitude with over AUD $946 billion in funds
(Australia) Limited under management as at 30 June 2009. BNP Paribas SA employs over 205,000 staff worldwide
and is represented in 83 countries including all major financial centres.
The Global 2000 Forbes ranking for 2008 (which ranks the top 2000 world companies according
to sales, profits, assets and market value) ranked BNP Paribas the thirteenth largest company
worldwide, fifth in the banking sector worldwide and first bank in the Euro zone.
BNP Paribas commenced funds management through its private banking services in 1848.
BNP Paribas is the oldest foreign bank in Australia. Established in Australia in 1881 (principally for
the financing of the wool trade between Europe and Australia). BNP Paribas has offices in Sydney,
Melbourne and Perth and is currently a banker to over
half of Australia’s top 150 companies. BNP Paribas also has an office in Wellington,
BT Investment Management BT Investment Management Limited (BTIM)’s vision is to combine the benefits of a strong
Limited institutional foundation and performance-focused culture with a ‘multi-boutique’ specialist
This approach brings together multiple investment boutiques, run by experienced fund
managers who have a real financial interest in the decisions they make, and the returns they
generate for clients.
BTIM is an affiliate of BT Financial Group, an organisation built around innovation and achievement,
who have been helping Australians create and manage their wealth since 1969.
BTIM is listed on the Australian Stock Exchange, manages over A$32.2 billion (as at 30 June 2009)
for investors, and is majority owned by the Westpac Group.
BTIM’s investment process for Australian shares is based on the core investment style.
Unrestricted by a growth or value bias and using comprehensive research, BTIM’s team of
investment professionals select stocks based on BTIM’s assessment of their long term worth
and ability to outperform the market, regardless of whether they are characterised as value or
Challenger Managed Investments The Challenger Group is a diversified financial services company listed on the Australian Securities
Limited Exchange. With a contemporary business model that aims to provide products and services
to meet a broad range of financial needs, the Challenger Group manages activities that span
mortgage management, funds management and asset management. The Challenger Group
offers significant depth and breadth of investment expertise, with an established team of in-house
investment professionals as well as relationships with quality investment partners. This means that
it can offer a range of products to help meet your investment needs, across not only a variety of
asset classes, but also across different investment styles. The Challenger Group uses its extensive
investment capability to provide clients with access to superior investment opportunities, whatever
their life stage.
Credit Suisse Asset Management Credit Suisse Asset Management – Credit Suisse is a leading global financial services organisation
(Australia) Limited headquartered in Zurich and established in 1856. It is focused on serving its clients in three
business lines: Investment Banking, Private Banking, and Asset Management. The asset
management business of Credit Suisse is comprised of the bank’s discretionary asset management
businesses and manages portfolios, pooled schemes, and other investment vehicles for a broad
spectrum of clients, ranging from governments, institutions, and corporations to private individuals
around the world. In Australia, our strength and structure has helped Credit Suisse fulfil the
expectations of a large and diverse group of investors, including superannuation funds, Government
agencies, large companies and private individuals.
Colonial First State Investments Colonial First State has been helping Australians with their investment needs since 1988. The
Limited Colonial First State Group is one of Australia’s leading wealth management providers, responsible
for A$141 billion in funds under management and administration globally at the end of July 2009.
Colonial First State has developed an enviable reputation with a focus on investment choice,
efficient administration, value for money and award-winning service.
WealthFocus platform Manager information
Deutsche Asset Management Manager: Deutsche Asset Management Australia Limited.
(Australia) Limited Established: 1997.
Funds under management: $8.0 billion (as at 30 June 2009).
DWS Investments is the global retail asset management business of Deutsche Bank. Founded in
Germany in 1956, DWS Investments is the largest mutual fund company in Germany¹ and among
the top ten players globally² in terms of assets under management. DWS Investments is also the
name under which Deutsche Asset Management (Australia) Limited markets a range of its funds
RREEF Alternative Investments is the global alternative investment management business Deutsche
Bank’s Asset Management division. Deutsche Bank’s Asset Management business is one of the
world’s largest investment management organisations. We have offices in more than 60 countries,
allowing us to draw on a breadth of investment skills, resources and insights to enhance the service
that we deliver to Australian investors.
1 BVI as at 30 June 2009, includes DB products.
2 Lipper FMI (Europe), Simfund (US, Asia, Australia): as at 31 March 2009. European figures include
FIL Limited FIL Limited and its subsidiaries (collectively known as Fidelity International) believe semi efficient
markets produce price anomalies and that detailed research of securities offers great scope for
outperformance of investors.
Established nearly 40 years ago, the privately owned global fund manager now invests in more
than AU$223 billion for millions of investors around the world – from private individuals to major
institutions. Its US affiliate, FMR LLC, was founded in Boston in 1946 and is one of the USA’s largest
mutual fund organisations and manages more than AU$1.9 trillion.
Fidelity International offers investors access to the insights of one of the largest proprietary
research teams in the world, providing insights into more than 90% of the world’s stock markets (as
measured by the Morgan Stanley Capital International World Index)
The team undertakes detailed first-hand research of companies to ensure that every security
is investigated as meticulously as possible before being included in a fund. As such, Fidelity
International builds funds from the bottom up, stock by stock through active, bottom up, on
the ground analysis of companies, their customers, suppliers and competitors where ever they
may be in the world to best identify those companies that will succeed and the best investment
opportunities. This intensive company contact program sets Fidelity apart from other fund
managers and can only be undertaken due to Fidelity’s size, research resources and market
position (all figures as at 30 June 2009).
Fortis Investment Management Fortis Investments is the autonomous global asset management arm with Fortis Bank, which
Australia Limited is ultimately owned by BNP Paribas group. Fortis Investments offers a full range of investment
management services to institutional and retail clients around the world. Roughly 500 investment
professionals work across our network of some 40 investment centres each of which is fully
accountable for the research and management of a single asset/product class. With total AuM of
EUR 158 billion (A$302b) as at March 31 2009, Fortis Investments has established itself as one of
the leading asset managers.
Franklin Templeton Investments Franklin Templeton Investments Australia Limited is a wholly owned subsidiary of Franklin
Australia Limited Resources, Inc., a global investment organisation operating as Franklin Templeton Investments.
Franklin Templeton Investments offers a full range of investment capabilities from six distinct
investment management platforms: Franklin Global Advisers, Templeton, Franklin Templeton Fixed
Income, Franklin Templeton Real Estate Advisors, Darby and Mutual Series. Franklin Templeton
manages in excess of USD 482.4 billion (as of July 31, 2009) and employs over 8200 people.
The San Mateo, Californian-based company has offices in 30 countries and over 60 years of
GMO Australia Limited GMO Australia Limited (GMO Australia) is wholly owned by GMO Australasia LLC which is wholly
owned by Grantham; Mayo; Van Otterloo & Co LLC (GMO) (collectively known as the ‘GMO Group’
or ‘GMO’). GMO, founded in Boston in 1977 by Jeremy Grantham, Richard Mayo, Kingsley Durant
and Eyk van Otterloo, is a privately held investment management firm committed to providing
sophisticated clients with superior asset management solutions and services. GMO offer a broad
range of investment products, including equity and fixed income strategies across global developed
and emerging markets, as well as absolute return strategies. GMO’s global offices include the firm’s
headquarters in Boston and offices in San Francisco, London, Zurich, Singapore and Sydney.
GMO manages over A$132 billion globally (as at 30 June 2008). GMO Australia was established in
1995 to manage Australian equity portfolios, manage global asset allocation products, expand the
group’s research capability and introduce GMO’s global product range to local clients.
WealthFocus platform Manager information
Goldman Sachs JBWere Goldman Sachs JBWere Asset Management is a specialist provider of investment management
Investment Management Pty Ltd products and services, and forms part of the Goldman Sachs JBWere Group. They offer a
comprehensive range of actively managed domestic and international funds, as well as cash
products, fixed income funds and alternative assets. Goldman Sachs JBWere Asset Management’s
Australian and New Zealand client base includes some of the industry’s largest corporate
superannuation funds, wholesale Platforms and dealer groups, as well as a large pool of retail
clients investing directly or via a financial adviser.
Independent Asset Management IAM is a focused boutique Australian share manager established in 2001 by Mr Greg Matthews.
Pty Limited Having joined the investment industry in 1979, Matthews is an Australian share market veteran
with a formidable track record. Starting as an analyst with Prudential, he worked at senior levels
in stockbroking in Australia and in the US as Head of Industrial Research, and as Research Sales
Director at Merrill Lynch and Ord Minnett. He was Australia’s top performing equities manager at
ING (Mercantile Mutual) and was Chief Investment Officer and Joint Head of Funds Management at
After years of leading teams at large institutions, Matthews broke free from bureaucracy to do what
he really loves, managing share portfolios in an unfettered environment. The bulk of the IAM team
has been together for 10 years and is currently managing approximately $1.5 billion of investments.
Much to its credit, IAM intends to fortify and maintain its boutique culture by capping funds under
management at $3 billion.
IAM aims to generate consistent top quartile returns by an active stock selection process through
the whole investment cycle which takes into account a macro economic view as well as a number
of additional factors such as value, growth and earnings surprises. IAM do not limit themselves to a
specific style of investment management, preferring to invest in stocks with opportunities based on
valuations or earnings potential.
ING Investment Management ING Investment Management (INGIM) is the specialist investment manager within ING Group.
Limited Worldwide INGIM employs more than 3,500 staff in 38 countries across three broad geographic
regions: Europe, the Americas and Asia Pacific. In Australia, INGIM is one of the largest investment
managers, with $31.7 billion of assets under management at 31 December 2008. Combining
rigorous research and integrated risk management, INGIM has a team of investment professionals
who are expert in constructing and delivering progressive and tailored investment solutions across
all major asset classes.
Intech Fiduciaries Limited Intech Fiduciaries Limited (Intech) is a leading provider of Australian multi-manager and investment
portfolio solutions, backed by capital markets and investment manager research.
Founded in 1989 with a strong research focus, Intech advises superannuation funds, institutional
clients and distributors of financial products.
Intech manages a range of trusts covering single sectors, alternative strategies and diversified
Intech’s investment research capabilities, and access to a wide range of quality managers around
the world, is enhanced through information sharing arrangements with investment consultant
Rogerscasey, and access to a leading global hedge fund adviser.
Investors Mutual Limited Investors Mutual Limited (Investors Mutual) – is a specialist Australian equity investment manager.
Investors Mutual has a conservative investment style with a long-term focus, and aims to deliver
consistent returns for clients. Investors Mutual achieves this through the disciplined application of a
fundamental and value based approach to investing.
Kaplan Funds Management Kaplan was established by Mr Sam Kaplan in June 1998 to manage money for the professional
Pty Ltd investor market and various charities. Funds under management is currently in excess of
$1.5 billion, the majority of this being in absolute return investment strategies.
Kaplan’s board of directors have extensive corporate experience, providing the Fund with some
added advantages. Kaplan has a sizeable investment team for a boutique, with 4 experienced
portfolio managers who have complementary skill sets. While Kaplan use a team-based approach,
each portfolio manager has specific expertise in the securities in which the Fund invests.
Kaplan is an absolute return manager which aims to achieve positive returns under most conditions,
with low volatility and an emphasis on income producing strategies. Kaplan believes that wealth
is accumulated through investing in productive businesses and sound assets managed in an
active and disciplined manner to produce consistent returns. Kaplan’s asset selection has a value
orientation and relies on careful quantitative and qualitative research.
Lazard Asset Management Pacific Lazard Asset Management Pacific Co. (Lazard Pacific) is a subsidiary of Lazard Asset Management
Co. LLC (LAM) which manages more than A$107 billion in assets worldwide as at 30 June 2009. LAM
has research analysts in the USA, Australia, Japan, Korea, the UK, and Germany. Lazard Pacific
is responsible for the management of assets for clients across domestic equities, global equities
and alternative assets. As at 30 June 2009 Lazard Pacific had over A$13 billion in assets under
management for clients.
Macquarie Investment Macquarie Funds Group is a full service fund manager with over 25 years experience. It offers
Management Limited a diverse range of products including managed funds across a wide range of asset classes,
funds-based structured products, hedge funds and fund of funds.
WealthFocus platform Manager information
Perennial Value Management Perennial Value Management Limited (Perennial Value) is a specialist “value-style” Australian equities
Limited boutique funds manager.
Perennial Value was launched in 2000 by John Murray and Perennial Investment Partners Limited
(Perennial). Perennial Value believes that the interests of investors and investment professionals are
clearly aligned through ownership of equity by our senior investment professionals.
As a value investor Perennial Value aims to invest in “good business that are under valued” with an
underlying belief that good businesses are always eventually recognised by markets and re-rated to
overall market multiples.
Perpetual Perpetual Investments is one of Australia’s leading investment managers, with $26.2 billion in funds
under management (as at 30 June 2009). Perpetual Investments is part of the Perpetual Group,
which has been in operation for more than 120 years.
Platinum Investment Management Platinum Asset Management (Platinum) is an Australian-based manager specialising in international
Limited equities. Platinum manages approximately $15 billion (as at 31 July 2009) with around 9% of funds
from investors in New Zealand, Europe, America and Asia. Platinum’s investment methodology is
applied with the aim of achieving absolute returns for investors. The Company was listed on the
Australian Securities Exchange in May 2007 and staff (and related parties) remain the majority
Schroder Investment Management Schroder Investment Management Australia Limited (Schroders) – Schroders offers a range
Australia Limited of investment products and is part of the Schroders Group which as at 30 June 2009 managed
investment assets of approximately AUD231 billion worldwide. The Schroders Group is one of
the largest and most internationally diverse independent investment managers providing investment
management, research and marketing services from offices located in 26 countries. In Australia,
financial services has been a core business since 1961. Schroders in Australia manages
AUD11.9 billion as at 31 July 2009 across a broad range of asset classes.
Sensible Asset Management The investment manager of the Fund is Sensible Asset Management Limited (SAM), and the
Limited sub-investment manager is Value Partners Limited (VPL). Responsibility for the content,
construction and management of the Fund’s portfolio rests with VPL. Both SAM and VPL are
wholly owned subsidiaries of Value Partners Group Limited. Value Partners is an independent,
value-oriented asset management group with a focus on Greater China and the Asia Pacific
Region. The Value Partners business was founded in 1993. As at 31 July 2009, it has grown
significantly and now manages/advises on US$4.6 billion of funds from institutional and retail
investors from Europe, the US, Hong Kong, Japan, and other countries.
Both SAM and VPL are wholly owned subsidiaries of Value Partners Group Limited.
Solaris Investment Management Solaris Investment Management is a boutique “style neutral” Australian equities fund manager.
Limited The team is made up of 9 experienced investment professionals who have an average investment
experience of 13 years each. We are a fundamental, researched based, bottom up stock picker.
T. Rowe Price Global Investment T. Rowe Price Global Investment Services Limited (T.Rowe Price) founded in 2001¹, is a global
Services Limited investment management firm headquartered in Baltimore, Maryland USA and with offices
worldwide. It manages investments in all major asset classes. As at 30 June 2009, it had AUD
$390.4billion under management². T.Rowe Price’s disciplined, risk- aware investment approach
focuses on diversification, style consistency and fundamental research. Proprietary research
is at the core of T. Rowe Price’s investment approach together with its emphasis on long term
investment merit. It supports a global network of analysts with its proprietary analytics and state of
the art techniques.
1 T. Rowe Price Global Investment Services Limited was founded in 2001 and is a wholly owned subsidiary of
T. Rowe Group, Inc. an independent public holding company, which was founded in 1937.
2 The combined assets under management of T. Rowe Price group of companies in Australian Dollars.
The T. Rowe Price group of companies includes T. Rowe Price Associates, Inc., T. Rowe Price International,
Inc., T. Rowe Price Global Investments Services Limited, and T. Rowe Price (Canada), Inc. Assets under
management are calculated in US dollars and converted to Australian dollars using an exchange rate
determined by an independent third party. T.Rowe Price, Invest With Confidence, and the Bighorn Sheep logo
is a registered trademark of T.Rowe Price Inc in Australia and other countries.
UBS Global Asset Management UBS Global Asset Management (Australia) Limited (UBS) - is a business group of UBS AG, one
(Australia) Ltd of the world’s leading financial services groups and the world’s largest asset manager. In Australia,
UBS has been in operation since 1985. UBS’ purpose is to deliver superior results for clients
through its globally integrated investment organisation.
WealthFocus platform Manager information
van Eyk Research Limited Since it was established in 1989, van Eyk¹ has built its reputation for quality and innovation
by specialising in research and advice on fund manager selection, portfolio construction and
management, asset allocation and direct share research. van Eyk is one of the leading providers of
managed fund research to the financial planning community. van Eyk, as the appointed Investment
Manager for the Series, is responsible for ensuring that the Funds employ optimal fund manager
selection and portfolio construction strategies.
This includes investment decisions on:
▪ strategic and tactical asset allocation
▪ fund manager selection
▪ portfolio construction decisions within sectors such as:
– value vs growth
– small caps vs large caps
– brand vs boutique
– active vs passive management
– currency hedging
1 van Eyk Research Limited (ABN 99 010 664 632 AFSL 237917) (van Eyk)
Vanguard Investments Vanguard Investments Australia Ltd (Vanguard) - is a wholly owned subsidiary of The Vanguard
Australia Ltd Group, Inc. (Vanguard Group). The Vanguard Group, which is based in the United States, manages
money for individual and institutional investors with over A$1.4 trillion in funds under management
as at 30 June 2009. The Vanguard Group specialises in providing high quality, low cost investment
funds and has a particular expertise in index fund management, having established the world’s first
public offer index fund in 1976.
Vanguard was established in 1996, and brings together the skills of its team of Australian
investment professionals with the financial strength and expertise of one of the world’s largest
investment management companies. Vanguard has established a reputation in Australia as an index
specialist, managing over $66 billion in index funds as at 30 June 2009.
Walter Scott & Partners Limited The Walter Scott Global Equity Funds are managed by Walter Scott & Partners Limited (“Walter
Scott”), a global investment manager established in 1983, in Edinburgh, Scotland. Walter Scott has
a wealth of experience in global equity investment, and currently manages A$30.8 billion¹ in assets
for its global client base. Walter Scott is a classical, fundamental and long-term growth manager.
1 As at 30th June 2009. Source: Walter Scott & Partners Limited
Zurich Investment Zurich Investment Management Limited is a subsidiary of Zurich Financial Services Australia
Management Limited Limited, which is part of the worldwide Zurich Financial Services Group based in Switzerland.
In Australia, Zurich’s core lines of business are general insurance, life risk, investments and
Zurich Investments provides exclusive access to specialist investments by combining the expertise
of specialist fund managers with the distribution and customer service strength of Zurich. As at
30 June 2009, Zurich had $A5.81 billion in funds under management in both diversified and sector