One of Watson Wyatt's most senior consultants has made the switch to funds management and joined boutique manager Hyperion.
Boutique fund manager Hyperion Asset Management (Hyperion) has snared Watson Wyatt principal and senior investment consultant Andrew Spence.
Spence, who joined consultant Watson Wyatt from Credit Suisse Asset Management in 2004, will be a senior portfolio manager at Hyperion.
Spence is the fifth member of Hyperion's Brisbane based asset management team and will report to chief investment officer Manny Pohl.
The rest of the team comprise Mark Arnold, Joel Gray and Justin Woerner.
Pohl said the firm was thrilled to get someone of Spence's calibre.
"Andrew was a stand-out candidate for us. [He's] demonstrated throughout his career that he has the technical expertise to effectively analyse investment opportunities and the people skills to develop and maintain strong client relationships," he said.
Spence was also a senior member of Watson Wyatt's research team responsible for rating Australian equity fund managers.
Before Watson Wyatt Spence spent nine years with Credit Suisse Asset Management, initially as deputy head of balanced funds and then as investment manager for Australian Equities.
He is one of a series of managers recently that have left larger investment houses and consultancies to form or join boutiques.
Hyperion's senior management this year increased their stake in the business from 30 per cent to 50 per cent.
The firm said yesterday its high conviction fund had recently scored a further $40 million investment mandate and was nearing its capacity.
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