Peter Morgan Takes a Break from Funds Management
10 Sep 2002
Perpetual Trustees today announces that Mr Peter Morgan has decided to take a break from funds management, and will leave his position as Senior Portfolio Manager at Perpetual Investments on 31 October.
Mr John Sevior becomes Head of Equities with immediate effect.
Mr Sevior is currently Senior Portfolio Manager of Perpetual Investments who has shared responsibility for managing Perpetual's high performing $5 billion Industrial Share Fund for the past four years, along with many of its institutional mandates, including its Concentrated Equity Fund over the past 3 years. He has been with the group since 1994
Mr Graham Bradley, Perpetual's Managing Director said: "We regret, but respect Peter's decision to step down from his high pressure role. Peter has made a great contribution throughout his 12 years at Perpetual. He leaves a rich legacy, including many talented professional colleagues whose skills he has helped to develop over the years. We thank him for all he has done, and wish him well in the next stage of his life.
Mr Morgan said he plans to take an extended break before considering his future career options. "I've enjoyed my time at Perpetual enormously. It is a great company with a strong culture and investment philosophy. But after 12 years, I feel I need a complete break and a new challenge.
"But I emphasise I've not made any decision about what the challenge may be. My immediate plan is to take a holiday and spend more time with my children.
"I know I am leaving behind one of the strongest equity teams in Australia.
"The two people I most respect in equities management are John Sevior and Matt Williams. I have full confidence in them, and they will be managing my superannuation," Mr Morgan said.
Commenting on Mr Sevior's appointment, Mr Emilio Gonzalez, Perpetual's Chief Investment Officer said: "John is an astute and successful investment manager, and a true exponent of Perpetual's quality focussed, disciplined style of investing."
"He heads a strong domestic equities team that includes Matt Williams who co- manages Perpetual's top performing Smaller Companies Fund, and who recently extended his role to assume responsibility for a portion of Perpetual's Industrial Share Fund."
"While we regret Peter's decision to stand down, our investment style is not dependent on any one person. Perpetual's investment process has been successful for many years, and is embedded very firmly in our culture."
"John is well known to the market, and we expect John's appointment to be well received by our clients."
"Given the strength of our team supporting the Perpetual process, we anticipate a smooth transition of Peter's responsibilities. I am confident that the transition will not adversely affect our performance," said Mr Gonzalez.