By Greg Bright*
Ben Skilbeck, a former investment banker with Merril Lynch and Credit Suisse, has become the new chief executive of Australian-based international manager PM Capital, following the departure in December of Chris Donohoe.
Skilbeck started at PM Capital this month, most recently having worked at quant research house Rismark. Rismark was a start-up company which Skilbeck invested in and subsequently became chief executive of, but left in July last year, after various capital raisings and two changes of control.
Donohoe, who had been at PM Capital for nearly 14 years, was also a shareholder in the firm, which was set up by chair and CIO Paul Moore.
Moore had previously headed up the retail international investment group at the old Bankers Trust in Australia. BT, uniquely, used to have separate investment teams for retail and wholesale equity clients.
PM Capital has about A$2 billion in funds under management – including a significant amount of NZ-sourced money – in a range of Australian, Asian and global equities funds and a fixed income enhanced-yield fund. It also manages two listed investment companies: a global opportunities fund and an Asian opportunities fund.
PM Capital’s style is as a contrarian investor which takes long-term bets. All funds and strategies are able to go 100 per cent cash if the manager deems appropriate.
* Greg Bright is publisher of Investor Strategy News (Australia)