Investment manager Bernstein has consolidated its Australian real estate property securities team with its Australian equities value team, resulting in the departure of Stuart Keighran.
Keighran was previously the chief investment officer for Bernstein's Australian real estate securities team.
The merged group will now be led by chief investment officer Stuart Rae.
"We are very proud of the contribution made by Stuart [Keighran] to the team. He has delivered 1.5 per cent alpha since the funds' inception. We wish him well for the future," Bernstein chief executive Michael Bargholz said.
Bargholz said, however, that there will be no changes to the existing products in the firm's real estate business.
"Following a review of our business, we are only consolidating the leadership of the investment teams. The products under the Australian real estate securities and Australian value businesses will remain," he said.
Real estate research analyst Viral Patel will continue to provide research on Australian real estate investment trusts.
Rae will oversee six investment professionals, including Patel.
"The new role for Stuart is just a natural extension of his previous role. We will be utilising the same resources for our Australian value equities and Australian real estate securities research," Bargholz said.
