Fiducian Portfolio Services has become the first investor to follow Stuart Cartledge to Phoenix Capital, the boutique he established with fellow Citigroup departee Michael Wood.

Fiducian has taken a $30 million listed property mandate from Legg Mason Asset Management, the former Citigroup Asset Management business, and awarded it to Phoenix’s Australian listed property fund. Meanwhile, a similarly-sized listed property mandate with BT Financial Group has been replaced by an assignation to Principal Global Investors. Fiducian’s head of investments, Conrad Burge, said he held Stuart Cartledge in high regard as a listed property manager, and wanted him to continue being responsible for a part of Fiducian’s exposure. He was satisfied that recent legal action against the Phoenix founders by Legg Mason was now “resolved”, and that Phoenix’s business would not be impeded in any way. Burge added that BT’s mandate had been terminated after recent changes it had made to its listed property fund, including the introduction of some unlisted property exposure. Phoenix plans to launch a second fund next year, a tax-aware Australian equity vehicle to be managed by Michael Wood.

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