Our People
Tim Hext
Head of Government Bond Strategies
Income & Fixed Interest
About Tim
Tim joined Pendal Group in February 2017 with responsibility for managing Australian Bond portfolios. Tim has extensive experience in banking, financial markets and funding.
Tim joined Pendal Group from NSW Treasury Corporation (TCorp), where he was General Manager, Funding and Balance Sheet, with responsibility for defining and executing TCorp’s funding programme and strategy. Tim’s prior experience includes senior positions in Westpac Treasury, Commonwealth Bank of Australia, Deutsche Bank, Bain & Co and Swiss Bank Corporation.
Tim holds a Masters of Economics of Development from the Australian National University and a Bachelor of Commerce from the University of New South Wales.
Income & Fixed Interest Team
George Bishay
Oliver Ge
Steve Campbell
Amy Xie Patrick
Murray Ackman
Anna Hong
Lachlan Fursman, CFA
Terry Yuan
Recent articles by Tim
- Tim Hext: Australia to expect state budget downgrades
- Tim Hext: Why Pendal favours a July rate cut
- Tim Hext: Cash rates at 3.1% this year ‘a good bet’
- Tim Hext: Has the Aussie disinflation trend come to a halt?
- Tim Hext: It’s all systems go for the RBA to cut
- Tim Hext: Inflation data shows Australia is in pretty good shape with reasons to be optimistic
- Tim Hext: Art of the deal or new world order?
- Tim Hext: What Trump’s tariff formula means for markets
- Tim Hext: Federal Budget – the three things that matter most to the bond market
- Tim Hext: In the midst of chaos, staying focused on Australian data is crucial
- Tim Hext: Three key takeaways from Australia’s latest national accounts data
- On-demand webinar: How to position portfolios for a falling-rates environment
- Tim Hext: Inflation data ‘good news’ for the RBA
- Tim Hext: Markets ‘complacent’ about tariffs and taxes
- Tim Hext: To cut or not to cut? That’s the question for the RBA
- Tim Hext: The door for rate cuts opens further
- Tim Hext: The market has eyes only for Trump
- Tim Hext: Inflation on track but still too high
- Tim Hext: What Australia’s ‘impressive’ jobs run could mean for markets
- An Aussie green bond that could fund a new national park while generating returns
- Income & Fixed Interest: Pendal’s quarterly insights on the themes driving Aussie markets
- Tim Hext: Inflation is easing, but the RBA isn’t celebrating yet
- Tim Hext: What the US rate cut means for investors – and what’s next
- Tim Hext: In bonds, the trend is your friend
- Tim Hext: Five key takeaways from the latest GDP data
- Tim Hext: RBA minutes – inside a meeting of two-handed economists
- Tim Hext: Rate hikes off, rate cuts on in 2025
- Tim Hext: Can the RBA be patient with inflation?
- Income and fixed interest: Pendal’s quarterly deep dive into the themes driving Australian markets
- Murray Ackman: Why we bought Australia’s first Commonwealth green bond
- Tim Hext: Investors are still relaxed about the inflation outlook
- Tim Hext: Looking beyond the noise at this year’s Budget
- TIM HEXT: Investors should position now for lower rates later this year
- Tim Hext: An upgrade to the financial system’s plumbing
- Tim Hext: What we learned from the latest GDP data
- Tim Hext: January inflation – a low point, for now
- On-demand webinar: How to conquer the interest rate peak
- Goldilocks beware: US inflation data puts markets on notice
- Tim Hext: Inflation is on the right path, but we’re not there yet
- Tim Hext: 2024 inflation outlook is positive for bond investors
- Income and fixed interest wrap: latest outlook for inflation, rates and bonds
- Pendal’s weekly fixed interest wrap
- Tim Hext: Inflation is higher. But is it ‘materially’ higher? That’s the big question
- Weekly fixed interest wrap: close call on next rates decisions; govt bonds at 5pc
- Tim Hext: Australian business remains resilient as we enter spring
- The good news? We’re avoiding recession. The bad news? Living standards are going backwards
- Inflation back below 5pc – but getting to 2-3pc remains a challenge
- Tim Hext: Wage growth remains under control – for now
- Tim Hext: What to pay attention to in the RBA’s latest monetary policy statement
- Tim Hext: Australian inflation is heading back to 4pc
- Tim Hext: Inflation remains stubbornly high — but not as high as you may think
- Tim Hext: Where the RBA’s head is at right now
- US inflation: 4pc on the horizon, but 2pc still a way off
- Budget 2023: Stage 3 tax cuts remain centre stage
- Fixed Interest wrap: Our views on latest inflation data, the RBA review and YFYS reforms
- Tim Hext: The end of interest rate hikes may finally be near
- Why the Silicon Valley Bank collapse happened and what it means for investors
- Tim Hext: Rates are important – but not as much as the Budget
- Fixed interest: Check your ‘duration’ settings before inflation turns
- Hard, fast rates cycle could mean it’s time for long-duration bonds
- Tim Hext: Powell gives the green light after smaller rate rise
- Tim Hext: Inflation looks to be softening. Are sunnier days ahead?
- Tim Hext: The case for inflation-linked bonds
- TIM HEXT: Mixed signals will remain into Christmas
- TIM HEXT: RBA shows some patience with a return to neutral territory
- TIM HEXT: Fiscal support package announced in the UK could make inflation harder to control
- TIM HEXT: Inflation will test Fed’s patience, but RBA has cards up its sleeve
- TIM HEXT: Interest rate pain probably won’t get too bad despite tough talk
- Tim Hext: Hawkish central banks are telling markets to pay attention
- Monthly inflation data is coming. Here’s what it means
- Consumers and business head in different directions
- ‘No pre-set path’: What the RBA statement means for investors
- Fixed interest: why bonds look promising and how to take advantage
- TIM HEXT: Goods prices are peaking but services have a way to go
- Tim Hext: RBA heads back to neutral. But where is neutral?
- TIM HEXT: What investors should know about the outlook for State debt
- TIM HEXT: Inflation noise gets louder but real yields move markets
- TIM HEXT: Fiscal policy will stay expansionary under Labor. Here’s what that means
- Fixed interest: time for tactical moves as big picture emerges
- TIM HEXT: This week’s modest wages data won’t last
- TIM HEXT: Where fixed interest opportunities are emerging
- TIM HEXT: Early green shoots ease inflation pressure
- Rate rise: What’s next after RBA waves the white flag
- Tim Hext: RBA in final preparation for take off
- Federal Budget will embolden the RBA on rates — but not as much as you think
- US rate hikes: what they mean for Australian investors
- The future of bonds (no they’re not disappearing)
- Tim Hext: Dust off the text books as stagflation threat looms
- Tim Hext: Is March the month for hawkish hikes?
- Tim Hext: Ukraine conflict offers glimpse into a world of stagflation
- Tim Hext: Finally a good year for labour
- Tim Hext: what to expect as rate hike cycle begins
- Tim Hext: How the border re-opening will impact investors
- Tim Hext: The RBA is now one of the world’s most dovish central banks
- Inflation: nowhere to run, nowhere to hide
- Tim Hext: How far the next rate-hike cycle could go
- Wages are slowly rising, but inflation is rising faster
- Two big events investors should watch out for next week
- Tim Hext: Australia’s in a surprisingly good position to weather the global storm
- Pendal profile: Meet our head of government bond strategies, Tim Hext
- Tim Hext: Hold course in the face of Trump’s whipsaw tariffs
- Fast podcast: What the latest inflation numbers mean for investors
- Tim Hext: Why Aussie fixed-income investors can largely ignore a potential August rate hike
- Are we getting over-confident on falling inflation? Tim Hext reviews the evidence
- Tim Hext: Why bonds still look better than term deposits
- Tim Hext: Bonds offer returns and cheap insurance right now
- Tim Hext: It’s ‘so far, so good’ on rates and the economy. But what’s next?
- Green bonds: What are they and how do you choose the right ones?
- Tim Hext: Soft landing more likely but don’t hold your breath on rate cuts
- Fast podcast: Why now could be a good time to lock in 10-year bonds
- FAST PODCAST: What wages and jobs are telling us about recession and rates
- Head to head: Pendal equities chief Crispin Murray and bonds boss Tim Hext
- Fast podcast: What the Budget, inflation and rates mean for bonds
- FAST PODCAST: Where we are in this interest rate cycle
- FAST PODCAST: How to think about inflation and rates right now
- FAST PODCAST: Where inflation is heading and how to think about bonds now
- FAST PODCAST: What rates expectations mean for bond-buying
- FAST PODCAST: Outlook for rates, inflation and what it means for bonds
- FAST PODCAST: The role bonds will play in portfolios in 2022
- Tim Hext: Avoiding a double-dip recession
- Tim Hext: what the end of the Central Bank era means for investors
- V, U, W, L… which shape the recovery is likely to take
- Tim Hext on the RBA’s actions and the outlook for bonds
- Tim Hext: RBA brings out the Howitzer
- Residential property – what lies ahead?
- Inflation – still no lift-off, but not all gloom
About Murray
Murray joined Pendal in June 2020 to provide fundamental credit analysis and integrate ESG across credit funds.
Before joining the team, Murray worked as an independent consultant measuring ESG for family offices and Private Equity firms. Prior to this Murray was a Research Fellow at the Institute for Economics and Peace where he led research for the Institute on the Sustainable Development Goals, violent extremism and engagement with business, which included projects determining the strategic priorities and direction of clients such as UNDP and the OECD. He has also worked as a management consultant and for a welfare organisation.
Murray holds a Bachelor of Arts in Politics and International Relations, a First Class Honours degree and a Bachelor of Law from the University of New South Wales.
Income & Fixed Interest Team
- George Bishay
- Oliver Ge
- Steve Campbell
Tim Hext- Amy Xie Patrick
-
Anna Hong
- Lachlan Fursman, CFA
- Terry Yuan
Recent articles by Murray
- FAST PODCAST: Will country-level ESG become more important after Ukraine?
- Three big questions facing ESG investors (and how to answer them)
- Murray Ackman: Ignore the billionaires – diversity, equity and inclusion are good for investors
- New guidelines warn investors away from ‘nature-negative’ companies
- Why ‘true’ social bonds are in short supply
- Sustainable fixed interest: How to weigh up WA’s new green bond
- How to evaluate Australia’s first sovereign green bond
- How investors will be affected by changes to a major Australian climate policy
- How to use ESG to assess state government bonds
- What Sun Cable’s collapse means for renewable investing
- Could polluting companies be forced to pay a climate tax?
- Take care when investing in sustainability-linked bonds
- How green hydrogen will impact natural gas investors
- ESG: What Albo’s 43pc emissions target means for investors
- ESG: Fixed interest investors can make the world better too
- Impact: How to invest in solving homelessness
- ESG: Beware the ‘brownium’ penalty
- Russia ‘self-sanctions’ are a coming of age for ESG
- What the AGL bid says about the future of energy in Australia
Murray Ackman
Senior ESG Advisory Analyst
Income & Fixed Interest
About Elise
Elise provides fundamental company analysis for our Australian Equity large cap strategies. Elise previously worked as an investment analyst for US fund manager Cartica where she covered a variety of emerging market companies. Prior to Cartica, Elise worked in investment banking and corporate finance at JP Morgan and Ernst & Young. Elise holds a Bachelor of Commerce and Economics from the University of Queensland and is a member of the Institute of Chartered Accountants Australia.
Australian Equities Team
Crispin Murray
Anthony Moran
Damien Diamant
Brenton Saunders
Graeme Petroni
Jim Taylor
Julia Forrest
Julia Maksymow
Lee Ma
Lewis Edgley
Patrick Teodorowski
Oliver Renton
Pete Davidson
Rajinder Singh
Sondal Bensan
Rachel Folder
Jack Gabb
Recent articles by Elise
- Elise McKay: The headlines driving Aussie equities this week
- Elise McKay: What’s driving equities this week?
- Elise McKay: What’s driving equities this week?
- Elise McKay: How equities investors should think about China’s disruptive DeepSeek AI
- Closing gender pay gaps is good for the economy – and investors
- Elise McKay: What’s driving equities this week?
- Elise McKay: What’s driving equities this week?
- Elise McKay: What’s driving equities this week?
- Elise McKay: What’s driving ASX stocks this week
- Elise McKay: What’s driving ASX stocks this week
- Aussie equities: How Xero and NEXTDC are leveraging AI technology
- What’s driving ASX stocks this week
- Aussie equities: AI and cloud computing drive data centre stocks
- Elise McKay: Don’t be fooled into thinking AI has run its course
- Small businesses are doing it tough. Cloud accounting platform Xero has some answers
- What’s driving ASX stocks this week
- Elise McKay: The questions to ask this ASX earnings season
- What’s driving ASX stocks this week
- Aussie equities: weekly ASX outlook
- Aussie equities: Weekly ASX outlook
- Weekly Aussie equities outlook
- Power-hungry AI a watch-out for equities investors
- What’s driving Aussie equities this week
- Aussie equities: Small business changes bring opportunity for Xero
- How ASX miners are creating opportunities for sustainable investors
Elise McKay
Investment Analyst and Portfolio Manager
Australian Equities
About Rachel
Rachel is an Investment Analyst for our Smaller Companies team, providing fundamental analysis on a range of companies within the ASX ex-100 universe. Previously, Rachel was an Investment Analyst covering smaller companies for NAOS Asset Management and First Sentier Investors, where she began her career in their graduate program. Rachel holds a Bachelor of Commerce (Actuarial Studies and Financial Economics) from the University of New South Wales and is a CFA Charterholder.
Australian Equities Team
- Crispin Murray
- Anthony Moran
- Damien Diamant
- Brenton Saunders
- Graeme Petroni
- Jim Taylor
- Julia Forrest
- Julia Maksymow
- Lee Ma
- Lewis Edgley
- Patrick Teodorowski
- Oliver Renton
- Pete Davidson
- Rajinder Singh
- Sondal Bensan
Elise McKay- Jack Gabb
Rachel Folder
Investment Analyst
Australian Equities
Income & Fixed Interest Team
- George Bishay
- Oliver Ge
- Steve Campbell
- Tim Hext
- Amy Xie Patrick
- Murray Ackman
- Lachlan Fursman, CFA
- Terry Yuan
Recent articles by Anna
- Pendal: Rate cuts still on track amid moderately higher unemployment
- Anna Hong: The last mile for Australian disinflation
- Moderating inflation is the trend of the year. Here’s what it means for investors
- Are Australian mortgage holders facing a cliff or a speed bump?
- Anna Hong: What the latest job numbers mean for bond investors
- The case for bonds as rate hikes push Australia towards recession
- Anna Hong: What bond investors learned from this week’s RBA minutes
- Investors need two things right now: patience and protection
- Anna Hong: Waiting for a central bank pivot? Start spending less
- Anna Hong: Markets will remain choppy with upcoming CPI releases
- Anna Hong: Investors will be looking for a ‘sensible’ budget
- ANNA HONG: Three risk factors for recession
- ANNA HONG: Tight labour market will continue rate-hike pressure
- Anna Hong: How the new monthly CPI indicator will impact investors
- Anna Hong: What we learned from the latest RBA minutes
- Anna Hong: What today’s RBA rate hike means for investors
- Labor won’t bring big change on the economic front
- Anna Hong: What’s next for rates after RBA loses patience
- Anna Hong: Debt, disruption and demographics determine where bonds go next
- Be ready for a Russian default as sanctions bite
- A ray of sunshine in the farm sector
- Anna Hong: What’s keeping Dr Lowe up at night
Anna Hong
Assistant Portfolio Manager
Income & Fixed Interest
About Michael
Michael is Head of Multi Asset for Perpetual Asset Management. In this role he is responsible for the suite of Multi Asset Funds and capital markets research.
Michael joined Perpetual in June 2014 and has 18 years finance industry experience. Prior to joining Perpetual Michael worked at JANA for 13 years, and held a number of positions across research, consulting and portfolio management, including Head of Investments, Implemented Consulting.
Earlier in his career Michael held a variety of positions at UBS, Morgan Stanley and Barclays Capital in both Australia and the United Kingdom.
Michael holds a Bachelor of Business (Economics and Finance) from RMIT University and is a Vincent Fairfax fellow.
Multi Asset Strategies Team
Matt Sherwood
David Hudson
Geoff Ryan
Russell Turner
Rema Elias
Alan Polley
Rita Bodrina
Ken Phang
Michael O’Dea
Head of Multi Asset
Multi Asset Strategies
About Matt
Matt Sherwood is Perpetual’s Head of Investment Strategy, Multi Asset. In this role, Matt is responsible for monitoring, analysing and forecasting earnings growth, interest rates, currencies, economic growth and policy implications across major regions.
Matt joined Perpetual Asset Management Australia in 2005 and his viewpoints and analysis of international developments are frequently sought by policymakers, opinion leaders and investors in Australia and Asia. These include television news networks such as Reuters, CNN and Bloomberg in Asia and Sky News, SBS and the ABC in Australia. His opinions have appeared in many newspapers including the Wall Street Journal, Washington Post, the New York Times and Australian Financial Review.
Matt has previously been a panel member which discussed macro issues with the US Federal Reserve on a quarterly basis and has briefed the BIS on several occasions on balance sheet issues facing the global economy. His current research focus is on the global trade war and whether monetary policy can prevent a serious downdraft in growth and regional sharemarkets.
Matt is a published author of the book titled ‘Intelligent Investing’ and began his career as a Senior Economist at the Reserve Bank of Australia, where he gained significant experience in monetary policy formulation and undertook detailed research into the equity risk premium, currency markets and business investment.
Matt has a Bachelor of Business from the University of Newcastle and a Masters Degree in Economics (Finance and Econometrics) from the University of Sydney. Matthew has also held a lecturing position with Kaplan Education (formally FINSIA) between 1997 and 2010 and has also lectured MBA classes from Case Western Reserve University in the United States.
Multi Asset Strategies Team
Michael O’Dea-
David Hudson
-
Geoff Ryan
-
Russell Turner
-
Rema Elias
- Alan Polley
-
Rita Bodrina
-
Ken Phang
Matt Sherwood
Head of Investment Strategy, Multi Asset
Multi Asset Strategies
About David
David Hudson is the Head of Asset Allocation within the Multi Asset team for Perpetual Asset Management Australia. In this role, David is part of the portfolio management team managing all multi asset funds. He is responsible for generating and implementing active asset allocation ideas and the strategic asset allocation of multi asset funds.
David is a proven portfolio manager with almost two decades experience in multi asset portfolio management including 14 years as the lead portfolio manager of diversified funds at BlackRock Investment Management. David has a strong fundamental background in macroeconomics and all asset classes.
David has also held positions as an equity strategist at Bankers Trust Investment Management; fixed income strategist and senior economist at Bankers Trust Investment Bank; and as a senior adviser to the Prime Minister. He started his career as an economist with the Commonwealth Department of Treasury in the early 1980s.
David has an Honours degree in Economics from Adelaide University.
Multi Asset Strategies Team
-
Michael O’Dea
-
Matt Sherwood
-
Geoff Ryan
-
Russell Turner
-
Rema Elias
- Alan Polley
-
Rita Bodrina
-
Ken Phang
David Hudson
Head of Asset Allocation
Multi Asset Strategies
About Geoff
Geoff Ryan is Portfolio Manager for Diversified Strategies at Perpetual Asset Management. In this role, he is responsible for the portfolio management of the diversified funds and tactical asset allocation.
Geoff joined Perpetual Asset Management Australia in June 2018, having previously worked for five years as Investment Manager, Risk & Strategy for Commonwealth Superannuation Corporation where he developed and implemented the Fund’s dynamic asset allocation process.
Prior to this, he worked at Black Rock / Merrill Lynch, where he held various roles in the multi-asset division. Most recently he was Portfolio Manager, Balanced Funds and Portfolio Manager, Overlays as well as Strategist, Fundamental Global Macro Funds.
Geoff has a Bachelor of Economics (Honours).
Multi Asset Strategies Team
-
Michael O’Dea
-
Matt Sherwood
-
David Hudson
-
Russell Turner
-
Rema Elias
- Alan Polley
-
Rita Bodrina
-
Ken Phang
Geoff Ryan
Portfolio Manager, Diversified Strategies
Multi Asset Strategies
About Russell
Russell Turner is a Portfolio Manager in the Multi-Asset team for Perpetual Asset Management Australia. In this role, he assists the ongoing development of macro-economic modelling, the evolution of dynamic asset allocation process and undertakes manager research.
Russell joined Perpetual Asset Management Australia in July 2015, having previously worked as the Business Manager to Geoff Lloyd, Perpetual’s CEO. Prior to this, he was a Graduate in Perpetual Private.
Russell has a Bachelor of Laws, Bachelor of Science, majoring in Applied Mathematics and a Master of Commerce, majoring in Applied Finance and is a Chartered Financial Analyst.
Multi Asset Strategies Team
-
Michael O’Dea
-
Matt Sherwood
-
David Hudson
-
Geoff Ryan
-
Rema Elias
- Alan Polley
-
Rita Bodrina
-
Ken Phang
Russell Turner
Portfolio Manager
Multi Asset Strategies