Perpetual portfolio manager to exit

Financial Standard reports that Perpetual Investment Management's Garry Laurence will depart the organisation as the global shares strategy is handed to investors at its US acquisition, Barrow Hanley.

"It is understood that Laurence left by mutual agreement, as Perpetual looked to cut costs by offloading the management to Barrow Hanley," reports Kanika Sood. "He is expected to work until August and is understood to be looking at other opportunities within funds management, including potentially starting a new boutique."

Perpetual said it decided to change managers after a review of its global equities team and strategy. "We believe the manager's rigorous investment approach, high calibre team, scale and depth of global research, aligned investment style and proven track record means it is best placed to manage and grow our global equities funds in the future," the organisation said in a statement.