Portfolio Manager departs Ausbil

Ausbil Investment Management (Ausbil) has announced the departure of portfolio manager, Tony Waters, effective April 2017.

After eight years of service, Ausbil said Waters - along with portfolio manager Chris Prunty - has decided to "make a change for lifestyle reasons and will be taking up an opportunity to manage family money/private assets."

Commenting on the departures, head of equities and executive chair, Paul Xiradis, said: "On behalf of Ausbil, I would like to thank Tony and Chris for the contribution they have made to the firm over the years and I wish them every success in the future."

Portfolio management responsibilities have been transitioned to John Grace, co-head of equities, who has been at Ausbil for 16 years and Josh Clark, MicroCap specialist analyst, who has been an analyst at Ausbil for five years and part of the MicroCap team for three years.

In a statement, the firm said: "The bench strength of Ausbil, with its highly experienced team of six sector specialist equity analysts (and 18 investment personnel in total), remains unaltered and will continue to provide robust investment ideas for the MicroCap Team."

The recruitment process to add an additional team member is currently underway.