Vanguard has dipped into PM Capital's distribution team to appoint its lead for Queensland, as the incumbent moves to steer sales for the newly-launched active funds.
PM Capital sales director James Noone is taking responsibility for Vanguard's Queensland distribution.
The hire comes as Vanguard moves Ian Boater into a new role of intermediary sales for its new range of actively-managed funds, which opened its first two fundamentally-managed funds to Australian investors yesterday.
Noone joined PM Capital in 2017 as a sales director, taking responsibility for distributing the boutique's strategies to advisers, dealer groups, private and institutional clients in Queensland region. The role expanded to include New South Wales.
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Noone's departure from the equities boutique comes four months after its head of distribution Lachlan Cameron left the company to join global giant Invesco's Australian team.
PM Capital chief executive Ben Skilbeck said: "We'll be making announcements about recent appointments to the team shortly. Thanks to James for his efforts and we wish him all the best. Servicing our clients in the Queensland market remains a priority for us."
PM Capital currently has about $2 billion in funds under management.
The boutique last year culled plans for a listed investment company that was aiming to raise $105 million to $491 million through a specially-developed converting security called PTrackERS which gave the investors the option to redeem at NTA or convert it into shares of the PM Capital Global Opportunities Fund (ASX: PGF).
It recently listed its enhanced yield fund on ASX's managed funds marketplace.