Richard will remain a director of BLSEM, and continue to be a substantial investor in the fund and a shareholder in the management company beyond 1 July 2017.
Portfolio Manager, Sam Shepherd, will retain portfolio management responsibilities and the management of the team. Sam has 24 years of Australian equities experience, with the last five working alongside Richard at Bennelong Long Short Equity Management (BLSEM).
Led by Sam Shepherd, BLSEM has a highly experienced team comprising Sam Taylor, Head of Research (18 years of experience, 11 with BLSEM), Steve Lambeth, Senior Analyst (14 years of experience, 3 with BLSEM) and Justin Hay, Senior Analyst (18 years of experience, having joined BLSEM last year). The team is ably supported in Operations by BLSEM’s Daniel Sanelli and Bennelong Funds Management.
There will be no change in approach to the day-to-day management of the portfolio following Richard's departure. Portfolio management is clearly defined and is managed in a highly disciplined way. Decision making is team based, and that has been the case for a number of years.
In conjunction with this transition, we are pleased to welcome Steve Lambeth and Justin Hay as shareholders in the management company. The entire investment team is committed to and aligned with investors through their investment in the fund and the management company.
Richard said “The time is right for me to step back from BLSEM on a personal basis and also it’s the right time for the business. I have total confidence in Sam’s and the team’s capabilities and expect the transition to be seamless. The team is high quality, highly motivated and fully engaged in driving superior outcomes for investors.”
Sam Shepherd commented “We have planned for this change and anticipate that the team and well-established processes will ensure a smooth transition. We are as confident as ever about the fund’s ongoing prospects.”