BY NOW you’ll be aware that Pendal has formally joined with Perpetual.
I remain fully supportive of Perpetual’s acquisition of Pendal — completed on January 23, 2023.
It’s the right deal for clients, the business and the team.
It maintains the independence of the Australian equities boutique and strengthens our industry position in the long run — since all senior people of the team are committed to being here for the long term.
The industry is fundamentally changing.
Consolidation is occurring at all levels — super funds, platforms and fund managers. This is an inevitable trend to which we must respond in the most effective way.
When Pendal Group originally floated on the ASX, the goal was to build a diverse multi-boutique business which combined scale for the provision of best services and systems with independence, autonomy and focus for investment teams.
This model has stood the test of time — and has been replicated by others.
It continues to be the right way to run a fund management business.
But we now need greater scale and diversity to build a stronger organisation through which to deliver the best possible services.
This deal enshrines and codifies the independence and autonomy of Pendal’s Australian equities boutique in a way that covers strategy, remuneration, personnel decisions, proxy voting, dealing and service provision.
The Pendal Australian equities team remains unchanged and separately located.
The team is fully supportive of the deal.
We are a separate, independent boutique focused on the job of investing for our clients.
We are protected by strong governance rules and will benefit from being part of a more diverse, larger and stronger group.
Our large and experienced team, our strong performance culture — and a business structure that enables us to focus on investing — provides the critical factors we believe will enable the continuation of the consistent performance we have delivered to our clients for the past 20 years.
Head of Equities, Pendal Australia
Crispin Murray is Pendal’s Head of Equities. He has more than 29 years of investment experience and leads one of the largest equities teams in Australia. Crispin’s Pendal Focus Australian Share Fund has beaten the benchmark in 12 years of its 17-year history (after fees), across a range of market conditions.
Pendal is a global investment management business focused on delivering superior investment returns for our clients through active management.
In 2023, Pendal became part of Perpetual Limited (ASX:PPT), bringing together two of Australia’s oldest and most respected active asset management brands to create a global leader in multi-boutique asset management with autonomous, world-class investment capabilities and a growing leadership position in ESG.
Perpetual is a diversified, ASX-listed financial services company providing asset management, private wealth and trustee services to local and international clients in Australia, Asia, Europe, United Kingdom and US.
This information has been prepared by Pendal Fund Services Limited (PFSL) ABN 13 161 249 332, AFSL No 431426 and is current as at August 29, 2022. PFSL is the responsible entity and issuer of units in the Pendal Focus Australian Share Fund (Fund) ARSN: 113 232 812. A product disclosure statement (PDS) is available for the Fund and can be obtained by calling 1300 346 821 or visiting www.pendalgroup.com. The Target Market Determination (TMD) for the Fund is available at www.pendalgroup.com/ddo. You should obtain and consider the PDS and the TMD before deciding whether to acquire, continue to hold or dispose of units in the Fund. An investment in the Fund or any of the funds referred to in this web page is subject to investment risk, including possible delays in repayment of withdrawal proceeds and loss of income and principal invested. This information is for general purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It has been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on this information, consider its appropriateness having regard to their individual objectives, financial situation and needs. This information is not to be regarded as a securities recommendation. The information may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information is complete and correct, to the maximum extent permitted by law neither PFSL nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information. Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. Any projections are predictive only and should not be relied upon when making an investment decision or recommendation. Whilst we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections. For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com