David Deverall has resigned as chief executive of listed Australian ethical fund manager Hunter Hall “to pursue other opportunities”.
“He is resigning from the Hunter Hall Board of Directors and from his executive duties effective 5 February 2016,” the Sydney-based company, which has A$1.1bn (€690m) in assets under management, said in a stock exchange announcement.
Hunter Hall focuses on small to midcap stocks via a proprietary ethical screen, excluding companies it believes are harmful to people, animals or the environment (e.g. gambling, tobacco, armaments, fossil fuels and factory farming).
Founder and Chief Investment Officer Peter Hall will take over as interim CEO while the company recruits a replacement “to advance the business”.
Before joining Hunter Hall, Deverall was managing director and chief executive of listed investment firm Perpetual as well as chair at the Financial Services Council, the wealth management industry body. He was also Group Head of Funds Management at Macquarie Group.“I would like to thank David for his contribution to the group over the last three and a half years and wish him well in his future endeavours,” Hall said.
Hunter Hall said its operating profit before investment income, performance fees and tax for the half year of approximately $3.3m – 40% up on the prior year figure.
Hunter Hall was founded in 1993 with the objective of “doing good in the world and achieving excellent long term results for our investors”. It has a charitable giving programme which has donated nearly A$10m to causes such as anti-whaling and saving the rhinoceros.
Hall – credited with introducing the Aussie-style ‘flat white’ coffee to London – is founder of the Sydney Rainforest Action Group and the London Committee for the Abolition of Whaling and sits on the board of the International Rhino Foundation.
The firm recently launched a new offering called the High Conviction Equities Trust, which has returned 106.4% since inception in December 2014.