Devon Funds managing director, Slade Robertson, is back in the saddle after assuming portfolio management duties for the boutique’s storied Alpha Fund.
Robertson, who remains as Devon MD, took over day-to-day control of the Alpha fund from chief investment officer, Mark Brown, on April 1 – reprising a role he performed from 2010 to 2016.
The almost $110 million Alpha fund is a highly-concentrated portfolio of between 10 to 15 Australasian stocks with the ability to move between fully-invested to 100 per cent cash according to the manager’s call.
As at the end of December last year the fund held over 20 per cent in cash, rising to almost 35 per cent at the end of March.
Robertson said since early April the fund had reduced cash holdings to about 15 per cent.
“Mark Brown has done a very good job for investors during his time in charge of Alpha, but as our chief investment officer I’m keen to ensure he has more time to contribute across all of our strategies,” he said. “I’m also hugely excited to be getting directly involved again with our flagship portfolio. Of course, it’s a challenging time for markets, but I’m very positive on the opportunity set across Australasia and the potential to deliver value for our clients.”
Officially launched under Devon branding in 2010, the Alpha strategy has its roots in a similar fund operated by pioneering NZ fund group, Brook Asset Management. Prior to joining the-then start-up Devon in 2010, Robertson was a portfolio manager at Brook. He dropped portfolio management roles at Devon after promotion to managing director in 2017.
Brook co-founder, Paul Glass, launched Devon in 2010, quickly establishing an institutional client base and retail following with more than $2 billion currently under management.
Devon is now part the Investment Services Group, an entity that includes JMI Wealth and Clarity Funds.
Elsewhere last week, Trustees Executors (TE) named Laurence Kubiak as independent chair to fill the spot held temporarily by Graeme Kirkpatrick.
Kubiak, New Zealand Institute of Economic Research chief, joined the TE board last November following a governance clean-out at the company.
US-based Victoria Grace and Kirkpatrick (who has a Switzerland address) joined the TE board in the same month as Kubiak. Since April 2018 TE went through seven directors with Matthew Sale (appointed in May 2018) the last to leave the board in December 2019.
Current TE chief, Ryan Bessmer, joined the licensed supervisor, fund administrator and private wealth firm – ultimately owned by Switzerland-based investor, John Grace – in April 2018.
In a statement, Bessemer said: “In his time on the board Laurence has developed a deep knowledge of the business, as well as demonstrating great vision and passion for our clients.”
Kirkpatrick remains as a non-executive director on the TE board.