Perennial will hold a majority stake, the Melior investment team will increase their equity in the business and co-founders of private equity group Adamantem Capital will also retain a stake.
The fund, which was launched in 2019 and invests in large-cap Australian equities to deliver positive social and environmental impact, will now be offered alongside Perennial’s Better Future Fund. Given that the Perennial fund is focused on small and mid-caps, the fund manager said this will enable Perennial to offer its investors a complete suite of sustainable equity investments.
There will be no changes to the Melior Australian Impact Fund’s investment strategy, investment process or name, and the Melior brand will move across to Perennial.
Its investment and advocacy strategy will be overseen by chief investment officer and co-founder Tim King, alongside portfolio manager Nina Wilkinson and analyst Sona Fernandes, as well as insights from Perennial’s investment analysts.
Melior chief executive and co-founder Lucy Steed will also take on an advisory role at Perennial Partners and become chair of the Melior Advisory Council.
Both Melior and Perennial have been recognised as responsible investment leaders by the Responsible Investment Association Australasia (RIAA).
Anthony Patterson, executive director of Perennial Partners, said: “We are delighted to welcome the team and investors in the Melior Australian Impact Fund to the Perennial family and want to reinforce to investors that all the necessary resources will continue to be committed to the management of the fund to ensure that investment opportunities can be captured.
“In particular, with CIO and co-founder Tim King and his colleagues Nina Wilkinson and Sona Fernandes joining the Perennial team, continuity of management and investment strategy is ensured, while now having the substantial resources of Perennial to draw from.”
King said: “Melior is proud of the solid foundation we’ve established for our Australian Impact Fund and the robust investment process we’ve demonstrated over the past six years. With Perennial’s strategic, operational and distribution expertise and access to an investor base made up of financial advisers, wealth managers, institutional, high-net-worth and family offices, we look forward to growing the Melior Australian Impact Fund in its next stage of development.”
