Global fund manager GMO has hired Boston-based partner Rick Suvak as head of Australian equities.
In September, GMO lost head of Australian equities Max Cappetta and head of equities research Anthony Corr. They left to establish quant boutique Continuum Capital Management.
Following the departure, GMO appointed Olivia Engel to lead the Australian equity team with the assistance of co-director Jack Gray.
Engel will continue in her job as senior portfolio manager. Gray will go back to his job of managing the asset allocation division.
Suvak has worked with GMO for 12 years. He has developed and managed GMO's International Equity 130/30 strategy, the International Growth Fund and the Pan European Long/Short Fund.
He will begin his new job in January 2008. He will join Engel, Steve Castellan, Vikram Mundkur, Michael Booth and Tommy Tam in managing the Australian equities portfolio.
"GMO looked to have found a strong internal candidate to head the domestic equities team, which bodes well for investors in the strategy. We look forward to sitting down with Rick when he arrives in January. GMO have handled this difficult period very well," Morningstar analyst Chris Douglas said.
