An equities analyst has been sacked from Australian equities funds manager Portfolio Partners after not meeting performance requirements, according to chief executive, Craig Bingham.
Financials analyst Sandra Waters left the Melbourne-based manager on August 9, after having worked there for four years. Bingham said the firm suggested Waters seek employment elsewhere as she was not performing. “It gets down to, as it does for us all, we have to get performance on the board, and [for Waters] for a period of time it hasn’t come to fruition,” he said. Waters’ responsibilities will be reallocated across Portfolio Partner’s existing 14-strong equities team, Bingham said. The manager also has two imminent hires to the equities team. Bingham was not willing to name who they were at this stage. Waters, who worked for investment banks such as ABN Amro and Merrill Lynch prior to her time with Portfolio Partners, declined to comment.
The $34 billion Brighter Super is set to shift a significant proportion of equities assets in MySuper from passive to active management. Chief investment officer Mark Rider says the move is possible because of the scale created by mergers, and the fund will be looking to its newly appointed active managers to generate performance through the cycle by taking idiosyncratic risks.
Darcy SongJanuary 21, 2025
