Pendal promotes PM as Andrew Waddington retires

Pendal Group has appointed Brenton Saunders to run its midcap fund as Andrew Waddington retires.

Waddington will depart Pendal in April after 35 years in the industry, including 24 years with Pendal, BT, and Rothschild.

Currently, Saunders co-manages the $512 million midcap fund with Waddington.

Before joining Pendal, Saunders worked at Macquarie Capital, Tauras Funds Management, and  Craton Capital.

Pendal chief executive Australia Richard Brandweiner called Saunders an experienced investor with a proven ability to generate performance, manage risk and construct institutional-grade portfolios.

"Brenton has been part of the team for nine years, as resource analyst and portfolio manager," he added.

"This experience means he is incredibly well-placed to leverage the insight of our 19-strong Australian equity team who cover the full market-cap spectrum. This is one of the key advantages of our approach to midcaps."

Brandweiner acknowledged Waddington's significant contribution to the team's success.

"Andrew has been a key part of the Pendal team for over 24 years. As an investor, he delivered phenomenal returns to our investors."

The Pendal Midcap fund, which Waddington ran from inception in 2007, outperformed by five percent annually.

"This was built on his ability to be disciplined, detailed, and have the vision to see potential ahead of the market, said Pendal's head of equities Crispin Murray.

"Andrew is a great colleague, open-minded, supportive, and always acts with the utmost integrity. Andrew leaves a uniquely strong legacy. We wish him all the very best for the future."

"We look forward to Brenton building on this, leveraging the resources of the whole team, and delivering the next leg of success for this fund."

The Pendal Imputation Fund, previously co-managed by Jim Taylor and Waddington, will now be managed by Jim Taylor.