It has extended its relationship with Wellington Management to include global fixed interest, alongside global equities. Lloyd says Perpetual will focus on specific asset classes in-house and will not try to be all things to all people.

“Examples are property – particularly closed-end funds – we’re sourcing that externally for clients that have a need,” Lloyd says.

“Some of the ones we’ve filled are for high-net-worth clients there’s high-conviction, non-benchmark-aware-type strategies, so pure value is a fund we’ve had that we can do more on distribution with. And we’ve just recently in that same “pure” range – which are benchmark-independent strategies – launched a Pure Alpha, which is an absolute return fund.”

Outside of equities, Lloyd says Perpetual will be focusing attention on income and multi-sector funds.

“We’ve had an existing capability and strong performance within the team, but we’re now balancing our focus between equities and multi-sector and income, for growth,” he says.

“Equally, we needed to have a global fixed-income provider with us to bring credibility to our domestic offering. So the relationship with Wellington has been extended to that as well.”