Southeastern establishes operations in Australia

US-based global equities manager Southeastern Asset Management has set up shop in Sydney to develop relationships with institutional investors from Australia and New Zealand.

Southeastern has already attracted AU$1.4 billion in Australian mandates. As of 30 June 2011, the manager held a $739 million developed market equities mandate with the Government's Future Fund.

The company has announced the appointment of US asset manager Doug Burton to lead the business in Australian and New Zealand.

Burton has worked for a US pension plan in the 1990s, and held an investment role in Australia from 2005 to 2008. He has over 24 years of experience.

"Volatility in equity markets is creating extraordinary opportunities to own high quality businesses trading at deep discounts to intrinsic value," said Burton.

Southeastern chief investment officer Stanley Cates said he believed Australian investors shared his company's long-term, "partnership" approach to investing.

"Doug's experience and knowledge of the Australian market along with his approach to building relationships is a perfect fit for us," Cates added.

Southeastern is based in Memphis Tennessee, and has US$31.5 billion in assets under management with clients in the US, Europe, Australia and Canada.