DUBLIN — Australian money manager Perpetual Trustees Australia Ltd. plans to market its global equity services in the U.S. later this year with a slimmed down, spruced up version of Bank of Ireland Asset Management's former global equity team.
Perpetual poached five senior money managers, including joint chief investment officers Des Sullivan and John Nolan, from BIAM last September to form the core of its new global equity business, PI Investment Management Ltd., launched last month in Dublin.
In the past 10 years, BIAM had built a relatively strong U.S. client base managing international and global equity mandates. But performance worries and staff turnover saw assets under management slump in the past year by €10.5 billion ($12.8 billion), to €47 billion as of March 31.
PIIM is seeking registration with the Securities and Exchange Commission and plans to visit U.S. consultants, pension plans and manager of managers operations as opportunities arise, said Gerard Doherty, chairman. The firm hopes to eventually set up a U.S. office.
PIIM runs €1 billion in global equities for Perpetual's Australian client base.
PIIM will initially offer only global equity mandates. Perpetual decided to keep its global equity business focused, said Mr. Doherty. At BIAM, the money managers had worked on a range of international equity strategies.
"We could offer global equity mandates excluding the client's home market if asked, but we would not offer EAFE (portfolios) as this is an entirely different proposition, with the U.S. market comprising almost half the global marketplace," he said.