Listed investment company (LIC) Century Investments Australia has appointed Perennial Value as the interim fund manager of its $150 million portfolio, replacing 452 Capital.
The move came after Century expressed concerns over 452 Capital's recent announcement that its chief executive Lyndsey Hancock and investment directors Suellen Morgan and Mary Feros planned to step away from managing the boutique.
"The directors of Century received proposals from various fund managers and selected Perennial Value by reason of its longstanding performance record, and its consistency of investment style with that of 452 and [its co-founder] Peter Morgan," Century company secretary Peter Roberts said in a statement.
The investment management fee that Century agreed with Perennial Value was "substantially less" than what was charged by 452 Capital, he said.
Century has also proposed a buyback scheme to shareholders and sought any alternatives from Perennial Value on how to reduce the LIC's current discount to net tangible assets.
Perennial Value is headed by fund manager John Murray.
Colonial First State, the responsible entity of around $1.5 billion of 452 Capital's $3 billion in funds under management, last month replaced 452 Capital with other managers including Integrity Investment Management and CFS Global Asset Management Core (CFSGAM).
CFS selected Integrity, led by Paul Fiani, as the replacement manager for 452 Capital in the 452 Australian Share options.
CFSGAM Core was the replacement manager for the 452 Geared Australian Share options.
