Ann: Temporary Suspension In Buy-Back Of Ordinary Shares, page-22

“The exodus at Justin Braitling's Watermark Funds Management has claimed one of the firm's longest serving stockpickers.Street Talk understands portfolio manager Tom Richardson has left Watermark to join Paradice Investment Management, where he will work in Troy Angus' large caps team.

Richardson spent the best part of a decade at Watermark, working through the ranks and covering sectors including building materials. His departure comes amid a dramatic restructure at Watermark, which has seen the firm exit global equities and delist its Watermark Global Leaders Fund and Watermark Market Neutral Fund.

The restructure has been matched by staff heading for the exit including Richardson, head of international equities Harvey Migotti, Delian Entchev. Hamish Chalmers, Nick Cameron and Ian Carmichael in the past 12-months.

Watermark has moved quickly to fill the breach, hiring Tim Hoff, a former Deutsche Bank metals analyst, to replace Richardson. The firm also recently recruited Harry Dudley out of Macquarie to cover financials, Alex Gurman from Goldman Sachs as a dealer and Daniel Broeren from Invesco to cover consumer and retail stocks.

It comes only days after Watermark announced that its remaining listed fund, the Australian Leaders Fund Ltd which last reported $270 million in assets, was estimated to have dropped 2.17 per cent before fees and taxes in April, while the All Ordinaries Accumulation Index gained 2.54 per cent.”

From AFR