Perpetual has promoted Vince Pezullo to the role of head of equities within Perpetual Asset Management Australia following the resignation of Paul Skamvougeras.
In an ASX announcement on Monday, Perpetual confirmed that Mr Skamvougeras had made the decision to step down from the role, with Mr Pezullo taking over from him immediately.
With over 26 years of experience in the industry, the firm said that Mr Pezullo has a deep understanding of its investment approach, process and philosophy as well as a proven ability to deliver strong performance through market cycles.
He originally joined Perpetual in 2007 and has been its deputy head of equities since 2016. CEO and managing director Rob Adams described Mr Pezullo as a highly respected portfolio manager.
“His long tenure as deputy head of equities combined with Perpetual’s investment in succession planning and the resultant strength across our Australian equities team, provides us with confidence that this will be a seamless and successful transition,” said Mr Adams.
“We remain as committed as ever to ensuring we deliver for our clients across our Australian equities funds and mandates.”
The appointment comes after Perpetual agreed to revise the cash and scrip consideration mix of its offer to purchase 100 per cent of shares in Pendal Group last week.
Mr Skamvougeras, who has been with Perpetual for a total of more than 18 years across two terms, will continue to work with Mr Pezullo to ensure a smooth transition.
“He has made an outstanding contribution to Perpetual and we are deeply appreciative of the commitment and dedication he has shown to our clients in building his team and our business over that time,” said Mr Adams.
“Paul is leaving at a time when his team has never been stronger, with positive momentum across investment performance and fund flows.”
Commenting on his departure, Mr Skamvougeras said his time at Perpetual had been truly rewarding.
“Our team has never been stronger, delivering great investment performance with fund flow building. I have great confidence the team will continue to deliver for our clients,” he said.
