Orbis names new chair and managing director

Contrarian global asset manager Orbis Australia has named Jenny Josling as its chair following her fifteen-year stint at the helm of the Allan Gray sister firm.

Further, Orbis has promoted Jason Ciccolallo to managing director after thirteen years as head of distribution.

Josling will continue as a director of the global company, Orbis Holdings which oversees $51 billion in funds under management, $14.5 billion of which comes from Australian institutional and retail funds.

Commenting on her replacement, Josling acknowledged Ciccolallo's contribution in building and managing many of the firm's key institutional partnerships since joining in 2008.

"He is well respected in the industry, and we are very fortunate to have someone of his calibre taking Orbis Australia forward," Josling said.

Ciccolallo said he looked forward to assuming the leadership of the Allan Gray sister firm and continuing to support its clients.

"The calibre of the global investment team is exceptional, and our diverse geographical presence creates an advantage for our Australian clients," he said.

Josling noted that while Orbis had grown significantly since launching in Australia in 2005,  the firm had never focused on asset growth.

"Our sole purpose is to bring net value to our clients, and we are structured to support that investment performance over the long-term," she added.

"We have found a great group of advisers to work with in the retail channel who recognise our strong credentials, stable investment team, and respected long-term track record."