Perpetual’s investment team succession planning tested

Mike Taylor

Managing Editor/Publisher, Financial Newswire

22 November 2022

ANALYSIS

Perpetual will be relying upon the market’s acceptance of its investment team succession planning in the wake of its announcement that its highly successful Head of Equities Paul Skamvougeras has resigned and been replaced by his deputy Vince Pezzullo.

Analyses of investment team continuity and performance conducted by Financial Newswire has consistently identified Perpetual as being amongst the most stable and consistent performers but this is likely to be tested by the Skamvougeras exit.

However, Perpetual is reinforcing the fact that it succession planning more than has his exit covered, with Perpetual chief executive and managing director, Rob Adams describing Pezzullo as “a highly respected portfolio manager”.

“His long tenure as Deputy Head of Equities combined with Perpetual’s investment in succession planning and the resulting strength across our Australian equities team provides us with confidence that this will be a seamless and successful transition,” he said.

Similarly, Perpetual Asset Management Australia group executive, Amanda Gillespie, referenced the firm’s “long and proud history of orderly succession and promoting talent from within, which ensures a consistent commitment to our active, value-focused approach”.

Gillespie reference the fact that Perpetual Asset Management had one of the largest Australian equities teams in the business, with 17 personnel noting that “we have remained very focused on ensuring a profile of experience and tenure across the team, as well as developing a strong junior pipeline”.

However, a number of financial advisers told Financial Newswire that they had admired Skamvougeras’ management of particular Perpetual funds and would be closely monitoring how those products performed into the future.

They also suggested they would be interested in where Skamvougeras turned up next.

There has already been industry and media speculation about whether Skamvougeras will emerge leading a team within another major investment house or whether he will set up his own boutique.