452 Capital CEO Lyndsey Hancock and fund managers Mary Feros and Suellen Morgan plan to step away from managing the business.
452 Capital has announced its chief executive Lyndsey Hancock and investment directors Mary Feros and Suellen Morgan have all planned to step away from managing the boutique.
"The board of 452 Capital has been advised by Suellen Morgan, Mary Feros and Lyndsey Hancock, together, the management team, that they do not intend to continue to participate in the management of 452 Capital's business after a period yet to be agreed with the board," a 452 Capital note to clients said.
"No resignations have formally been received.
"The management team has advised the board that while they remain as employees, they will continue to perform their duties acting in the best interests of all the clients of the business."
Hancock, Feros and Suellen Morgan's intention to step down comes after 452 Capital's co-founder and investment director Peter Morgan took a leave of absence from the firm late last year due to a personal health issue.
"The board is currently in discussions with the management team and major shareholders about options regarding staffing and the future of 452 Capital, and will keep all clients appropriately informed if any new information comes to hand," 452 Capital said.
Century Australia Investments, a listed investment company that has $180 million invested with 452 Capital, said it was surprised and concerned about the developments.
"The directors of [Century] are very concerned that the senior management team of 452 has apparently decided to leave, and that there is no satisfactory explanation of the ongoing arrangements for 452," Century company secretary Peter Roberts said in a statement.
A Colonial First State (CFS) spokesperson said that CFS had made no announcements in relation to its shareholding in 452 Capital.
Hancock, Feros and Suellen Morgan were not available for comment.
The two non-consecutive alphabetic letters encountered most often last week caused more controversy than the underlying policy they represented, Wouter Klijn writes.... read more »
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