Tasplan has poached Charter Hall regional portfolio manager Anna Patterson to fill a newly created role for head of unlisted investments, while IOOF has nabbed Osvaldo Acosta as its new head of fixed interest.

Patterson’s appointment comes as Tasplan finalises its successor fund transfer with rival RBF Accumulation Fund, which is due to be completed by March 31, 2017. Following the RBF merger, Tasplan will have in excess of $7 billion in funds under management.

Hobart-based Patterson will commence her new position at the Tasmanian industry superannuation fund in January 2017; she has been at Charter Hall since May 2011.

Most recently, she was regional portfolio manager for the $1.9 billion ASX-listed property manager, with strategic responsibility for an industrial portfolio worth about $700 million. This included: management of asset repositioning projects; marketing of leasing vacancies and the negotiation of large leases; pitching for development pre-lease opportunities; and managing the valuation process.

Tasplan chief investment officer Ian Lundy said he was “very happy” with the calibre of his latest hire to the fund’s internal investment team.

“Anna Patterson’s experience in funds management will be extremely valuable, as she will be responsible for dealing with our external fund managers in property, infrastructure and private equity. She will also manage our directly held properties,” Lundy said. “This appointment is a recognition that Tasplan will be more than doubling in size, to $7.2 billion, with the merger of RBF’s defined contribution asset.”

A boost for the internal team

Lundy said there were “no immediate plans” to invest further into property or other unlisted asset classes beyond what the two funds are bringing to the transaction.

“There is significant value to be added by focusing on unlisted assets, in particular through active participation on investor review committees,” he explained. “We are not planning to bring any more unlisted investments internally in the near term. We will look at bringing cash internally, as it has been very successful at RBF.”

Lundy, who was previously chief investment officer at RBF, was named Tasplan’s new chief investment officer in October, as part of the merger deal. Tasplan’s previous chief investment officer, Mark Williams, will stay on as head of unlisted assets and strategy.

Following the completion of the merger and Patterson’s appointment, Tasplan’s internal investment team will swell from one to eight.

“We are also adding an investment analyst and two people in investment operations,” Lundy said.

Tasplan completed a merger with Quadrant in 2015 that boosted its funds under management roughly from $2 billion to $3 billion.

Osvaldo Acosta joins IOOF

There trend for superannuation managers to expand their internal investment teams is catching on industry-wide.

In other industry appointments this week, IOOF Holdings announced on Thursday December 15, 2016 that it had hired Osvaldo Acosta to the newly created position of portfolio manager fixed interest.

IOOF is a $2.7 billion ASX-listed retail manager with $131 billion in funds under management.

Acosta was previously a manager at global fixed income house Western Asset Management.

IOOF chief investment officer Steve Merlicek said Acosta’s appointment reflected the growing size of the cash and fixed income portfolios resulting in the need to split responsibility for their management.

The firm’s former portfolio manager, cash and fixed income Juanita Escobar will continue to run the cash funds with the new job title of portfolio manager cash.

“Osvaldo will be a great addition in this space with significant experience in both cash and fixed interest. He has pathed a successful career in investment management, having held various roles at Australian Unity and within Treasury functions,” Merlicek said.

Leave a comment