Perpetual Investments is transferring its property securities team to its Australian equities team, a spokesperson for the group has confirmed.
As part of the move, Sean Murray, who has been head of property securities since 2003, has been made redundant.
But Murray will stay with Perpetual Investments until June 2009 to ensure the integration is smooth, the spokesperson said.
"Perpetual had been reviewing its property capabilities over the past 12 months," the spokesperson said.
"The integration will enhance Perpetual's ability to add value, not only within our property portfolio, but also within our broader Australian equities portfolios."
The integration will also create synergies; bringing property securities research capabilities to Perpetual Investments and benefiting clients, the spokesperson said.
Perpetual Investments portfolio manager Anthony Cay will transfer from the Australian equities team to manage Perpetual's property securities portfolio.
Cay has covered the property securities sector for eight out of the 12 years he has been with the group.
Perpetual Investments is the funds management division of the Sydney-based asset manager Perpetual.
