It was late 2011, and this Australian fund manager was watching institutional money walk out the door after his mentor, legendary stock-picker John Sevior.
In the supposedly cut-throat world of investment banking there is little room for second-guesses, but Perpetual fund manager Paul Skamvougeras’ reaction, in an article by Damon Kitney at The Australian may not be what you expected.
He had reason to be worried. Sevior is one of the country’s most renowned fund managers, and had just left on extended leave. He wasn’t to return. And clients’ money made sure it followed him.
“I remember talking to my dad about it and I was taking it very personally,” Skamvougeras told Kitney.
Little sympathy was given by the old man. Remember, this isn’t small change that Skamvougeras is running.
“He said, ‘Paul, you are not running $2.50. This is the real deal. This is very serious. The minute they feel uncomfortable, you don’t blame them taking their money out. I would if I was in their position!’ “
“I just took it very personally.”
All is good though: Skamvougeras’ Share-Plus long-short fund returned 28.9 per cent for the year to March 3, and three year returns were nearly 12 per cent.
It was also named by research company Morningstar as the emerging fund of the year.
Sevior has now launched his own fund with former Treasury Group managing director David Cooper.
Read the full story here.
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