Perpetual Investments has lost its institutional relationship manager for income and multi-sector funds, with Matt Russell ending his 18-month tenure and starting at a major competitor next month.

It is understood Russell will commence with Colonial First State Global Asset Management (CFS GAM) in mid-March. It is a second major hire by CFS GAM head of business development, Tony McFadyen, who brought Liz Krajewski (former senior business development manager with APN Funds Management) into his team late last year. Perpetual’s search to replace Russell will be run by group executive for income and multi-sector, Richard Brandweiner. The institutional relationship manager for global equities, Andrew Francis, said someone with a combination of technical skills (with fixed income expertise particularly desirable) and relationship/sales skills would be sought. “;We need someone who can talk to everyone from the consultants through to the end clients,”; Francis said. Justin Walsh remains as institutional relationship manager for Australian equities. The arrival of Russell will replenish CFS GAM’s business development team following the recent move of Angus Playfair from a property and infrastructure business development role, to an internal business relationship co-ordinating role, reporting to head of property and alternative assets, James O’Leary.