4D Infrastructure moves to Perennial

4D Infrastructure will not be joining the other Bennelong Funds Management affiliates that have been sold off to Antipodes Partners and will instead move to Perennial Partners.

Perennial will take a shareholding in the business for an undisclosed sum.

Antipodes has announced it will acquire Bennelong from Bangarra Group, and its investment affiliates Quay Global Investors, Bennelong Long Short Equity Management (BLSEM), Bennelong Australian Equity Partners and Skerryvore Asset Management.

The acquisition will include Bennelong's distribution partners Allspring Global Investments and Leadenhall Capital Partners.

Under binding agreements, 4D will continue as the appointed manager of the 4D Global Infrastructure Fund, which invests in listed infrastructure companies globally through both Australian dollar hedged and unhedged versions.

4D chief investment officer Sarah Shaw will continue to lead the business, with the existing investment team retaining their positions and roles across the funds.

4D was established in 2015 in partnership with Bennelong, together with Shaw, Michael Morrison and Greg Goodsell and Bennelong, when it was known as 4 Corners Infrastructure.

The 4D Global Infrastructure Fund targets quality listed global infrastructure securities trading below fair value, with a focus on sustainable earnings and dividend growth.

The unhedged fund, launched in March 2016, has delivered an annualised return of 9.81% after fees and expenses since inception, compared with 8.53% for its benchmark. The hedged fund, established in August 2022, has returned 7.55% annualised after fees and expenses, versus 9.08% for its benchmark.

Perennial manages approximately $8.5 billion across its specialist investment businesses, spanning Australian and global equities, fixed income, resources, private markets, smaller companies and healthcare.

"We are delighted to welcome Sarah and her team to Perennial," Perennial Partners executive director Anthony Patterson said.

"The 4D business has carved out an impressive niche in the Australian investment landscape and they bring to our group an established investment capability that we are eager to promote and confident that we can grow."

Patterson said Perennial would commit resources to the management, distribution and governance of the 4D funds, while allowing Shaw and her team to maintain their investment approach.

"With Sarah and her colleagues joining the Perennial team, continuity of management and investment strategy is ensured, with the substantial resources of Perennial now to draw from," he said.

Shaw said Perennial's support for specialist investment teams would provide 4D with additional resources as it enters its next phase.

"I'm really proud of the solid track record we've established over the past decade for the 4D Global Infrastructure Funds," Shaw said.

"We are excited to join Perennial Partners and look forward to taking our business to the next stage of its growth."