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 eight 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.
We pride ourselves on our own proprietary research. Our team conducts over 1,000 company visits per year and it is important to us that we ask questions with management, staff, suppliers, competitors and visit company operations. We believe that this is very important to adding value for our investors.
Sustainable companies are those companies which, over the long term, provide good capital growth to investors. It is sustainable companies that we invest in.
What do we mean by sustainable? We focus on companies that offer a strong balance sheet with low debt levels, a track record of paying reliable dividends and good quality management. Once we find these companies, we want to buy them but only at an undervalued price.
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.
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. He also has research responsibility for the banking, healthcare, chemical and agricultural sectors.
Dan is a Portfolio Manager. 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. His responsibilities included the overall risk management of the portfolio using various derivative structures and strategies including long/short, risk arbitrage, quantitative, convertible bond arbitrage and derivative overlay.
Head of Mid Caps
Grant joined Perennial Value in May 2003 and covered both dealing and analytical roles, before assuming portfolio management responsibilities in 2006. In 2007 he became head of Perennial Value Smaller Companies, and led the team until late 2017. During this time, he grew FUM from $10m to $600m, and received the 2011 Morningstar Small Cap Fund Manager of the year and 2012’s Lonsec Small Cap Fund Manager of the year. Prior to joining Perennial Value, Grant held the position of Manager in the Unit Pricing and Distribution Division of MLC Limited. Previously, Grant was an Equities Dealer and Small Cap Analyst at Deutsche Asset Management in South Africa. He is a qualified Chartered Accountant and is a member of the Institute of Chartered Accountants in Australia.
Portfolio Manager & Senior Equities Analyst
Damian joined Perennial Value in May 2005. He is a Senior Equities Analyst/Research Coordinator and has research responsibility for the insurance, media and LPT sectors as well as a range of small industrial stocks. In 2011, Damian assumed the role of Research Coordinator.Prior to joining Perennial Value as an Equities Analyst, Damian worked as the Corporate Analyst for Perennial Investment Partners from 2002. Damian previously practiced corporate law for seven years with Freehills, Baker and McKenzie and Gilbert and Tobin. During this time, Damian practiced in the Mergers and Acquisitions field working on takeovers and shareholder matters in both Australia and Hong Kong.
Head of Smaller Companies
& Micro Caps
Andrew has been at Perennial Value almost 10 years working in the small cap team, initially as Senior Analyst then co-portfolio manager and more recently as Head of Smaller Companies and Microcaps. 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.
Scott is a Portfolio Manager in the Perennial Value Wealth Defender Team. Prior to joining Perennial Value in July 2014, 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. Before that, Scott was Executive Director – Head of Equity Derivatives Trading for UBS in Sydney, managing the Flow, Exotics and Delta One teams. He has been in the derivatives markets since 1999.
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.
Portfolio Manager & Resources 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.
Senior Equities Analyst
William joined Perennial Value Management in July 2011 as an Assistant Analyst. Prior to joining Perennial Value, from 2009 he was a Business Analyst for Perennial Investment Partners. In this role, William was responsible for financial analysis, forecasting, budgeting assignments and reporting to the Financial Controller and Managing Director.Prior to joining Perennial, William worked at RSM Bird Cameron in the Insolvency division and started his career as a cadet of Moore Stephens in the Business Services division.
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 as an Equities Analyst. Prior to joining Perennial he worked as an independent corporate finance/M&A consultant having previously spent six years in the Healthcare Investment Banking team at Deutsche Bank in London. There he carried out a wide range of corporate finance activities, across M&A, Equity Capital Markets and Debt Capital Markets, encompassing both client coverage and deal execution. 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”.
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
Marni joined Perennial Value in January 2018 as an Assistant Equities Analyst. 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. At Perennial, Marni is responsible for the research of and financial modelling of various small cap and microcap stocks and supporting the Smaller Companies and Microcap team in research and financial modelling. Marni holds a Bachelor of Commerce (Liberal Studies) from the University of Sydney and graduated in the top 5% of her cohort. She also studied abroad at Harvard University as part of her undergraduate studies.
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.
Senior Manager, Institutional Business
Camilla joined Perennial in June 2002. Over the fourteen years she has been with Perennial, she has been an integral member of the team marketing, promoting and building the Perennial business both domestically and overseas. Camilla is currently responsible for Perennial Value’s institutional business. Prior to this, Camilla was responsible for Perennial’s international business development. Prior to 2010, Camilla was the head of Perennial’s marketing and client service department and responsible for Perennial’s communication and branding activities, institutional client service and sales support. Camilla holds a Bachelors of Arts and a Bachelors of Commerce (University of Sydney), a Diploma of Financial Advising (Securities Institute of Australia – now FINSIA), a Masters in Applied Finance (Securities Institute of Australia – now FINSIA) and is a graduate from the Australian Institute of Company Directors. Camilla has also completed an MBA (Exec) from the Australian Graduate School of Management (AGSM) and holds the Michael Page International Scholarship in 2010.
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.
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 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.
Hi Portfolio Systems Analyst
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.
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.
Marketing & Events Associate
Sarah join 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.