A joint venture between senior investment professionals and IOOF, we manage approximately $5.0 billion on behalf of institutional and retail clients via a suite of over seven products across the following capabilities:
Perennial Value’s business model has been designed to create and foster a specialist investment management culture that allows our investment professionals to focus on investing, while being able to leverage the support of a highly experienced team of non-investment professionals. We believe this environment is attractive to our investment professionals as it provides:
Our key investment professionals have the opportunity to own equity and are therefore single minded in ensuring delivery of performance ahead of benchmark. At the heart of Perennial Value’s equity ownership structure is the philosophy of aligning the interests of our investment professionals with those of our clients. We believe that our unique business model allows us to deliver excellence in funds management.
Perennial Value shares equity ownership with key investment professionals who work within the business. We believe that this ownership structure cultivates an environment where the interests of investors and investment professionals are clearly aligned.
The cornerstone of Perennial Value’s investment process is our proprietary, in-house research. We conduct independent first-hand research on all securities before their inclusion in our investment portfolios.
We believe that investment markets are not fully efficient, causing asset prices to deviate from ‘fair value’. Through careful research of investment fundamentals and the application of a disciplined investment process, market inefficiencies can be identified and exploited by experienced investment professionals applying an active investment approach.
All of our portfolios are positioned for long-term investment performance outcomes. Our objective is to add value over the medium to long term, relative to a recognised market benchmark, in a risk efficient manner. Many of our capabilities have a proven and consistent long-term track record, with good results relative to our peers.
Managing Director of Perennial Value
John Murray established Perennial Value in January 2000 and has some thirty years industry experience. He is one of Australia’s most respected value investors and has built a stable team of investment professionals who have delivered consistently strong results for investors. Under John’s leadership, funds under management have grown from $40 million in 2000 to current levels and Perennial Value has won a number of prestigious industry awards and accolades. In October 2014, John was inducted into the Australian Funds Management Hall of Fame.
Director Portfolio Management
Stephen joined Perennial Value as an Equities Analyst in April 2000. In 2006, he was promoted to the role of Research Coordination/Senior Equities Analyst and assumed the role of Deputy Portfolio Manager for the Perennial Value Shares for Income Trust. In 2011, he was promoted to the role of lead Portfolio Manager for the Perennial Value Shares for Income Trust and Co-portfolio Manager for the Perennial Value Australian Shares Trust. In 2018, he was promoted to Director, Portfolio Management with responsibility for overseeing the management of all boarder cap Australian Equities portfolios. He also has research responsibility for the banking, healthcare, chemical and agricultural sectors.
Dan is a Portfolio Manager in the Perennial Value Wealth Defender business. He joined Perennial Value in August 2012 after 15 years at UBS Investment Bank where he held the position of Managing Director – Head UBS Fundamental Investment Group. In this role, Dan managed a seven-person team investing as a multi-strategy hedge fund in the Australian market. At Perennial Dan is responsible for the Wealth Defender Business and Perennials long only concentrated equities fund. This includes managing derivative portfolio risk and stock selection.
Head of Smaller Companies & Micro Caps / Head of Research
Andrew commenced with Perennial in July 2008 as a Senior Analyst with the Small Cap team. In 2010 Andrew became a portfolio manager on the Smaller Companies Fund and shared this responsibility until November 2017 when he became Head of Small and Micro Companies. Andrew has been lead manager on the Microcap Opportunities Fund since its inception in February 2017. Andrew has responsibility for the co-ordination and quality of the research effort across Perennial Value. Andrew’s previous role was Head of Research at Linwar Securities, a boutique broker specialising in smaller company research. Andrew joined Linwar in 2003 and during this time he has gained a deep understanding of stocks across the small cap spectrum. Prior to this, he worked at Tyndall in their graduate program, where he gained experience across a number of functions including accounting, product development and stock analysis.
Damian is Deputy Portfolio Manager of the Perennial Value Australian Shares Trust and Portfolio Manager of the Perennial Sustainable Future Trust. He also has responsibility for analysing stocks in a number of sectors, including insurance and media. Damian joined Perennial in 2002 and he has accumulated considerable experience during this time as a senior analyst in small, mid and larger capitalisation stocks. He also has experience as a dealer and as portfolio manager of the Perennial Value Microcap Opportunities Fund. Prior to joining Perennial, Damian worked as a lawyer in Sydney and Hong Kong with Freehills, Gilbert+Tobin and Baker & McKenzie. During this time he worked primarily in the corporate law area, often on matters involving governance issues and mergers and acquisitions.
Portfolio Manager & Resource Analyst
Sam joined Perennial Value Management in April 2012, from the Royal Bank of Scotland in Sydney where he held the role of Metals and Mining Analyst. During that time he won Starmine’s 2011 top Australian Metals and Mining Analyst Award. Prior to transitioning to the investment industry in 2008, he commenced his career in the mining industry gaining open pit mining and exploration experience across key commodities including gold, nickel, iron and uranium. During his six years in the mining sector, Sam held roles with industry leaders such as Equigold and Jindalee Resources in Australia and West Africa.
Scott is a Portfolio Manager in the Perennial Value Wealth Defender Team. Prior to joining Perennial Value in July 2014 as a senior derivatives trader, Scott was a Senior Trader – Global Equities at ANZ Banking Group. In his role at ANZ, Scott was responsible for managing a portfolio of global vanilla and exotic options across regional equity markets in Australia, Europe, Asia and the USA. A key part of his portfolio management responsibilities was the development and coordination of the strategic platform, inclusive of the risk management platform.
Mid Caps Portfolio Manager
Andrew has over 25 years’ experience in financial markets, with 18 years direct Fund Management experience as a Portfolio Manager. Andrew co-founded Concise Asset Management in 2007, which was a specialised midcap Australian equities manager. Prior to Concise, Andrew spent 12 months employed as a Senior Portfolio Manager with Paradice Investment Management. Andrew also spent 8 years at Investors Mutual, with 6 years as a Senior Portfolio Manager at Investors Mutual Ltd, where the Investment Team was awarded Fund Manager of the Year Australian Equities in 2002 & 2003 by Money Management. Andrew was an integral part of the Investment Management Team which grew funds under management from $180 million to in excess of $5 billion. Andrew was Portfolio Manager for the IML Future Leaders Fund, IML Industrial Share Fund and the Sandhurst Industrial Share Fund from 2003 to 2006.
Michael is a Portfolio Manager in the Perennial Value Wealth Defender Team. Michael has fourteen years of experience managing derivatives portfolios at UBS and Credit Suisse, including eight years spent in London, and most recently ran derivative overlays and tactical asset allocation at a boutique wealth management firm in Melbourne. At Credit Suisse, Michael managed a global emerging markets derivatives portfolio, as well as a portfolio offering systematic alpha and beta exposure to global equity and volatility markets.
Senior Small Caps Analyst
Julian joined Perennial Value in April 2017 as a Senior Small Caps Analyst. Julian is highly renowned in the Australian Small Caps market with over 16 years equities research experience. Prior to joining Perennial Value, Julian specialised in Small Caps institutional sales at Ord Minnett. Julian was most notably the Head of Small and Mid Caps Equities Research at CIMB Securities Australia (formerly RBS and ABN Amro) for over 9 years. Whilst at CIMB, Julian was constantly one of the top ranking Analysts in the Peter Lee Survey, importantly achieving first place in the 2013 survey for Small Caps Analysts. Prior to CIMB, Julian held research positions at Merrill Lynch, Citigroup and County Natwest, again specialising in Small caps as well as large cap industrials.
Ewan joined Perennial Value Management in December 2016 an Equities Analyst. Prior to joining Perennial he worked as a financial analyst/consultant at Expert 360 and previous to that spent six years at Deutsche Bank AG London where he undertook a number of financial analyst roles in Global Debt Services, M&A, Equity Capital raising and Healthcare Investment Banking. Ewan holds a Bachelor of Arts (Honours) in History and has completed the Columbia University Executive Education MBA program.
Haran started at Perennial Value in July 2016 as a Derivatives Analyst with over 9 years derivatives experience. Prior to Perennial Value, Haran was a Treasury, Risk and Foreign Exchange Analyst at Flight Centre. Haran has also held a number of derivatives trading and risk management roles at Olam International, Everest Derivatives Trading and Optiver between 2007 and 2015. Haran has experience in foreign exchange, commodities and treasury throughout the Asia Pacific region. Haran holds a Master of Quantitative Finance from UTS and a Bachelor of Commerce (Honours) from the University of Sydney. Haran’s Honours research thesis topic was “An empirical application of the GARCH model to modelling and forecasting the effect of news on the volatility of stock market returns”. Haran is a current CFA Level 1 candidate.
Ryan joined Perennial Value in August 2018 and has research and investment management responsibilities for micro and small cap in the industries of technology, information technology, telecommunication, China discretionary and Pre-IPO/Unlisted investments. Ryan’s previous role was an Investment Analyst at Monash Investors, an Absolute Return Hedge Fund. During this time Ryan focused on listed and unlisted technology companies as well as general industrial research. Prior to joining Monash Investors Ryan spent two years in Investment Banking at HSBC focusing on structured banking. Ryan holds a Bachelor of Commerce (Finance, Accounting and Marketing) from the University of Western Australia in which he graduated with high distinction. Ryan has successfully started his own start up and also has an active investment blog targeted at millennial investors.
Marni joined Perennial Value in January 2018 and has research responsibility for small cap and microcap companies in the industries of aged care/retirement, consumer/retail, agriculture, financials, healthcare, biotechnology and general industrials. Prior to joining Perennial, Marni was an Associate in the Corporate Finance department at Patersons Securities, working on capital raisings for small and midcap stocks predominantly in the oil and gas and mining sectors. Prior to Patersons, Marni held positions and completed internships at Morgan Stanley, Aberdeen Standard Life and BBY Limited. Marni holds a Bachelor of Commerce (Liberal Studies) from the University of Sydney and had studied abroad at Harvard University as part of her undergraduate studies.
Philip joined Perennial Value in October 2015. He is responsible for equities trading across all of Perennial Value’s Australian Shares, Smaller Companies and Wealth Defender portfolios. Prior to joining Perennial Value, Philip began his career on the ASX options trading floor 20 years ago with extensive experience in the Australian equities and equity derivatives markets working on both the buy-side and the sell-side.This included trading and client facing roles at investment banks Citigroup, Macquarie Group and Lehman Brothers on the sell-side and on the buy-side as a portfolio manager where he developed and managed equity portfolios with derivative overlays with a focus on implementation, protective strategies and superior risk-adjusted returns.
Steven joined Perennial Value in November 2009. He is responsible for equities trading across all of Perennial Value’s Australian Shares, Smaller Companies and Shares for Income portfolios. Prior to joining Perennial, Steven was the dealer for Australian equities portfolios and also worked in the Fixed Interest team at Perpetual Investments. Prior to that, Steven was a Logistics Analyst at Nestlé, Australia. Steven has a Bachelor of Commerce (majors in Finance and Computer Science) from the University of Sydney and has completed level 1 of the CFA program.
Assistant Equities Analyst
Hamish joined Perennial in August 2018 as an Assistant Equities Analyst to the Small Caps team. In 2017 Hamish undertook an 8-month internship in Perennial where he worked across the sales and marketing departments. Hamish studied a Bachelor of Business Marketing, majoring in International Business at RMIT in Melbourne and will complete his final year at UTS in Sydney.
Executive Director of Perennial Value
He started with Perennial Investment Partners in April 2001 as Head of Sales and Marketing and was promoted to Managing Directors/Chief Executive Officer from May 2003, during his period as Chief Executive Perennial became Australian’s largest boutique investment management firm. Anthony stood down from this position in March 2012 to focus his attention on Perennial’s largest boutique Perennial Value Management Limited where he serves as an Executive Director.Prior to joining Perennial, Anthony was CEO of Lend Lease Corporate Services Limited. During this time, Anthony participated in the management team, which oversaw the implementation of MLC Limited’s overall business strategy. He sat on MLC’s investment committee and distribution committees for both retail and wholesale funds management. Anthony’s achievements as CEO included accomplishing record profit, sales targets, improved customer retention levels and obtaining higher market share levels for Lend Lease Corporate Services. Anthony was employed by Lend Lease between 1990 and 2001 occupying various management positions. Prior to Lend Lease, Anthony was employed by Capita Benefits Planning Pty Ltd from 1983 to 1990, where he completed his service as WA State Manager in 1990.
Head of Institutional Sales
Dan joined Perennial in February 2018 and has 19 years’ experience working in Financial markets in Sydney and London. Dan brings a wealth of knowledge from his time working on both the buy side and sell side enabling him to discuss in depth, best solutions for prospects and clients. Prior to joining Perennial, Dan has spent the past 8 years in Australia working for OTCX as Managing Director of the Asia Pacific Business and Russell Investments as a Senior Business Development Manager. Dan spent 11 years in London working on the buy side for SW1 Capital and Crosby Capital as a Portfolio Manager, and on the sell side for Execution Stock Brokers as a Sales Trader and Commerzbank in the Equity Strategy team. Dan holds a Bachelor of Commerce (Finance) and a Bachelor of Arts Honours (Economics) from the University of Otago.
Head of Retail Sales
Cesar joined Perennial in November of 2015 and has over twenty years of industry experience, in the areas of funds management and capital markets. Cesar has extensive hands on experience dealing with investors and advisors in Australia and internationally – with acknowledged strengths in presenting wealth management solutions to financial planners, affluent and HNW investors, researchers, private banks, family offices, accounting and legal firms, corporate and superannuation investment committees. Prior to joining Perennial Value, Cesar held senior distribution and product roles at Westpac, MLC, Macquarie Bank, IOOF and Westpac. Cesar holds a Bachelor of Commerce from the University of NSW (Accounting and Finance majors and a minor in Taxation Law), Diploma in Financial Advice from the Securities Institute of Australia and is a Member of SMSF Association.
Senior Investment Specialist
Charles joined Perennial in December 2014. In the role of Investment Specialist, Charles is responsible for the distribution of Perennial Value’s investment solutions that meet the wealth creation needs of retail clients in NSW (Northern region) and Western Australia. Charles’s key focus will be the distribution of Perennial’s Investment products through intermediary relationships and distribution channels such as independent financial advisers, dealer groups and platforms. Charles has over 35 years’ experience in wealth management, covering superannuation technical and consulting including SMSF, asset consulting, product development, marketing and sales management. Charles was previously National Sales Manager at SmartSuper and a Director and Head of Distribution at Skandi
Investment Specialist (VIC/SA/TAS)
George joined Perennial in November 2015. In the role of Investment Specialist, George is responsible for the development and execution of the distribution strategy for Perennial Value’s suite of investment solutions that meet the wealth creation needs of retail clients in Australia. George has accountability for Victoria, South Australia and Tasmania, with a key focus on third party and intermediary relationships and distribution channels including National and independent dealer groups, independent financial advisers, stock broking and private wealth segments and platforms. George has been in the financial services industry for over 12 years and prior to joining Perennial, was a Regional Manager (Victoria & Tasmania) within the BT Equites & Gearing division of BT Financial Group, and also occupied various business development management roles within the Commonwealth Bank Group including CommSec, Core Equity Services and Colonial Geared Investments.
Investment Specialist Associate
Simon came aboard the Perennial Value team in October 2015 as a Client Service Associate providing client servicing to both the institutional and retail client base. Prior to joining Perennial Value, Simon worked in financial planning assisting with developing personal financial advice and servicing clients. In August 2017 Simon joined the Perennial distribution team as an Investment Specialist Associate. Simon came across from New Zealand where he graduated from the University of Waikato with a Bachelor of Business Analysis, majoring in Economics.
Hugo joined Perennial in March 2018 as an Investment Specialist. Hugo is responsible for the sales and distribution of Perennial Value’s investment solutions across Victoria, Western Australia, and Tasmania. Hugo works closely with national and independent dealer groups, independent financial advisers, stockbroking and private wealth firms and platform providers.
Hugo has over 10 years’ experience working in financial services having previously been with JBWere. Working in the private wealth management division, Hugo was part of a team that advised on all types of investments from Australian and international equities to derivatives and fixed income. Servicing a client base of not-for-profits, family offices, self-managed super funds and private investors, Hugo has a unique insight into the world of financial planners and advisers.
Head of Operations
Mark joined Perennial Value in November 2015 as Head of Operations.Mark is a veteran of more than 35 years in the financial services industry. Following six years in the UK, Mark has had a number of senior operational roles in the Australian industry including six years at Perpetual Investments, three years at ETrade Australia, six years at Credit Suisse Asset Management and eleven years Fundhost Limited as Director, Relationship Manager and as CEO. Mark has also been a member of the external compliance committee at OneVue Limited and a director of various entities in the Super Managers Group, recently purchased by OneVue Holdings Limited.
Data & Reporting Analyst
Habib joined Perennial Investment Partners in May 2011 as a Data & Reporting Analyst to analyse and manage the CRM database where he is primarily responsible for database design and maintenance. Habib joined the Perennial Value team in November 2015. Prior to joining Perennial, he worked for a Pharmaceutical Company in Sydney as a CRM AUNZ Database Administrator for two years to designing and implementing an Oracle based CRM system named Siebel 7.1. In addition Habib brings over 7 years work experience in a senior management capacity for the Delegation of the European Commission to Bangladesh and CARE International in the data space.
Custody & Settlements Administrator,
Glenda joined Perennial Value in January 2016 as a Portfolio Administrator. Glenda’s responsibilities include trade settlement, corporate actions and reconciliations between client and custodian. Prior to Perennial Value, Glenda worked with JP Morgan for over 6 years in various back office and administration roles covering cash, managed funds and private equity. Prior to 2010, Glenda worked with Morgan Stanley Dan Witter in both Sydney and Shanghai. Glenda holds a Master of Business Administration (with a major in Professional Accounting) from University of Technology, Sydney and a Bachelor of Arts (with majors in Statistics and Mandarin) from Macquarie University.
Operations Lead, Operations
Jeff joined Perennial Value in June 2016 as Operations Lead. Jeff’s responsibilities include supervision of Operations Team members, daily reconciliation of derivative positions with clearer, calculation of Margin movements and interfacing of On-Market transactions between Perennial Value Trade and Accounting systems.Prior to Perennial Value, Jeff worked with Commonwealth Bank for 2.5 years where he managed a team of Business Analysts responsible for the IT support of Colonial First State’s finance applications such as HiPortfolio and pControl.
Client Services & Reporting Associate
Isagani joined Perennial Value as Client Service and Reporting Associate in July 2017. He has previously worked 8 years in operations being involved in all end to end tasks and for organisations such as Challenger Limited as a Team Leader and Royal Bank of Canada in Valuations and Reporting. Isagani has 2 years’ experience in a client service capacity from Royal Bank of Canada managing institutional clients, assisting them with their day to day operational needs. He is a graduate of The University of San Francisco with a Master’s of Science in Financial Analysis.
Head of Legal, Risk &Compliance
Bill has over twenty five years industry experience. He joined Perennial in 1999 as the Head of Legal and Compliance and has recently also become responsible for the risk function for the firm. In his role, Bill oversees the investment compliance, risk and legal functions and develops authors and implements compliance and risk plans and policies for regulatory, industries bodies and mandate compliance. Prior to joining Perennial, Bill worked at Colonial First State Investments and was in charge of the Compliance and Legal team, where he was responsible for in-house legal duties, offer documents and various compliance plans and policies.
Manager, Legal & Risk & Compliance
Nick joined Perennial Value in October 2015 as Acting Head of Legal, Risk and Compliance. Prior to joining Perennial Value, Nick was General Manager, Risk and Compliance for Treasury Group for over eight years. Here he led a team of five, responsible for such roles as compliance and risk planning and measurement, AML/CTF, privacy, complaints, insurance and FACTA, amongst others for the Responsible Entity as well as the Treasury Group boutique fund management business. Nick was also Responsible Officer for the Managed Investment Schemes for Treasury Group. Nick has also had various legal, risk and compliance roles with Credit Suisse, BT Financial Group, CFS Property, CBA and Westpac. Nick is a Solicitor of the Supreme Court of Australia and is a Member of the Australian Corporate Lawyers Association.
Oliver has joined Perennial in August 2015 and has over 19 years’ experience in professional and financial markets. Prior to joining Perennial, Oliver worked at Fat Prophets and was the Group Financial Controller where he was responsible for the financial operations for the group. Oliver is responsible for the financial processes of Perennial Value in addition to providing commercial and analytical support to the management team. Oliver holds a Bachelor of Commerce (Macquarie University) and is a member of CPA Australia.
Sarah joined the Perennial Value team in December 2016 as their Marketing & Events Associate. Prior to joining Perennial, Sarah was the Marketing Manager within Invesco Ltd. Ireland where she managed all aspects of marketing, communication and events across all functions of the business. Sarah graduated from Dublin Institute of Technology with a Bachelor of Science in Business Management where she specialised in marketing.
HiPortfolio System Support
Rochelle joined Perennial Value in May 2015. In her role, Rochelle is responsible for HiPortfolio, operations processing and special projects for the Operations team.Prior to joining Perennial Value, Rochelle undertook various senior support and training roles with HiPortfolio and Anova (formerly DST Global Solutions) between 2001 and 2015. Rochelle has also held roles with Spring Food and Sage Life Limited. Rochelle has a Bachelor of Commerce (with majors in Economics and Business Economics) from the University of the Witwatersrand and a Bachelor of Commerce Honours (with a major in Economics), from the University of South Africa.
Executive Assistant / Office Manager
Leeann joined Perennial as an Corporate Receptionist/Executive Assistant in June 2004. In 2006, she was promoted to the role of Executive Assistant/Office Manager in Perennial.
Prior to joining Perennial, Leeann was an Executive Assistant to the Group General Manager in the logistics sector at Owens International Freight. Prior to Owens’s, Leeann held various positions in her family run business.