MMC Asset Management has lost its small cap portfolio manager to value boutique Maple-Brown Abbott.
Charles Dalziell has been appointed by Maple-Brown Abbott for a second time, rejoining as a listed property trust analyst reporting to Mark Herdman, the boutique’s head of research and chief operating officer. But he would soon become a portfolio manager “once he settles in,” a spokesman for the firm said. MMC would not comment specifically on its search for a replacement for Dalziell. Chief executive Alex Hutchison said he was conducting a full review of the business (see separate story). Dalziell worked at MMC for roughly two years before returning to Maple-Brown Abbott. In his first tenure at the boutique, from 1993 until 2000, he began as an analyst covering industrial and listed property stocks before becoming portfolio manager of the firm’s Diversified Investment Trust.
Future Fund chief investment officer Ben Samild said that FY24 has been a great year for alpha creation, thanks to strong returns in equities and, unusually, across multiple hedge fund strategies all at the same time. He reflected the past few years have been “a difficult time to be an asset owner and to generate positive returns for risk assets” but the Future Fund is tracking well of its long-term mandate.
Simon Hoyle and Darcy SongSeptember 4, 2024
