Ex-Perpetual fund manager John Sevior would manage money for a new boutique business set to open in the second half of the year, former Treasury Group managing director David Cooper said yesterday.
"That is something I can confirm but I can also confirm it won't be soon," Cooper told InvestorDaily.
Cooper will assume managing director duties of the venture, which will begin operations after Sevior's contractual obligations to Perpetual end later this year.
He declined to discuss details, including seed funding, for the new fund.
In late May 2011, Perpetual said Sevior would take a six-month leave of absence.
The news sparked massive outflows from the Perpetual Australian Equities Large Cap Concentrated Fund.
In mid-December 2011, Sevior said he would not return to Perpetual, his employer of 17 years.
Cooper, a former colleague of Sevior's, headed up Perpetual's institutional division until 2002.
He left Perpetual around a decade ago to run Treasury Group. He stepped down from the Treasury Group board late last year.
Meanwhile, Morningstar senior equities analyst David Walker has forecast further outflows from Perpetual, where Geoff Lloyd took over as chief executive earlier this week following the sudden departure of Chris Ryan.
"We forecast further outflows due to the departure of John Sevior, which should accelerate once Mr Sevior starts his boutique this year," Walker said in a research note.
