(Pictured: Bob van Munster)
Bob van Munster, one of the most respected value managers in Australia, will retire from Tyndall Asset Management later this year. He had already transitioned for succession and will sell his shares in the equities part of the business back to Tyndall for future distributions.
His successor, from June 1, is Brad Potter, who is already co-managing the flagship equities fund and whom van Munster hired in 2002. Jason Kim, a portfolio manager, becomes the other co-manager of the equities fund from May.
Tyndall also announced last week the appointment of another experienced manager, Al Clark, to the new role of global head of multi-asset. Reflecting the changing shape of Tyndall, with an expanding range of single and multi-manager strategies, Clark will be responsible for the Tyndall Tokyo-based parent Nikko’s global multi-asset business. He has worked for Schroders, BT and Macquarie in Sydney and Singapore.
Van Munster, 56, joined Tyndall, a value shop, in 1999, when the firm was going through a difficult period because of the tech boom. He rode that out and was able to capitalize on tech wreck, and subsequent trends, from a couple of years later.
He started his career at Legal & General (later acquired by Colonial) and became head of its value-oriented equities team at the age of 32. He then turned to broking research at BZW and did a stint at County NatWest before joining Tyndall.
One of his big achievements for both his colleagues and, arguably, his clients, was his successful lobbying, with the then-head of marketing, Stephen O’Brien, for a major equity stake in the equities management part of Tyndall for senior staff.
Mike Davis, Tyndall chief executive, confirmed last week that van Munster’s shares would be re-acquired by Tyndall for future distribution to staff, in accordance with the management agreement.
Reflecting on his career of nearly 40 years, van Munster said in an interview last year for FINSIA’s online newsletter, that people should not enter funds management for the money.
“In any walk of life people have got to have a higher purpose than just making money and there are probably a number of ways you can look at that in terms of investing clients’ money in the share market,” he said.
“One is that you are trying to add to their long-term wealth and the wealth of the nation. It’s really retirement savings…
“You enter this industry if you’ve got a natural curiosity about business economics and how markets work and you want to learn all the time. One of the great things about investment markets is you are on a constant learning curve.”
He added that fund managers needed to accept that they would make unpopular decisions. “You’re going to have to speak up against consensus opinion of your colleagues and peers sometimes if you feel strongly enough that the call is wrong,” he said.
“You also need to be able to move on from the hurt of getting things wrong, and that can be very uncomfortable, so you’ve got to have the right emotional make-up to be able to do that.”