Sydney-based Private Portfolio Managers (PPM) has added to its portfolio management team with the appointment of Ian Hardy, who will specialise in bespoke individually managed accounts (IMAs).
Hardy makes the move from Centric Portfolio Managers, the IMA division of Centric Wealth, where he held the role of chief investment officer and oversaw $300 million in funds under management.
PPM director Hugh MacNally said Hardy's investment philosophy was closely aligned with PPM's, and involved adopting a long-term approach and selecting a small number of exceptional companies.
"This long-term approach has resulted in a cumulative outperformance of the benchmarks by over 178 per cent after fees since inception for PPM's growth managed accounts," MacNally said.
Hardy also worked at Halliday Financial group before it was acquired by Centric Wealth. He developed the IMA offering of both companies.
"Combined with our 15-year track record in managing IMAs, Ian's experience will ensure PPM remains a leader in managed accounts and servicing the investment management needs of successful individuals, families and charities," MacNally said.
The research house has offered a silver lining after super fund returns saw the end of a five-month streak last month.
A survey of almost 6,000 fund members has identified weakening retirement confidence, particularly among those under 55 years of age, signalling an opportunity for super funds to better engage with members on their retirement journey.
The funds have confirmed the signing of a successor fund transfer deed, moving closer to creating a new $29 billion entity.
A number of measures, including super on Paid Parental Leave, funding to recover unpaid super, and frameworks to encourage investment in the energy transition, have been welcomed by the superannuation industry.
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