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Investment veteran Robert Luciano has today tendered his immediate resignation from Regal Partners (ASX: RPL), a $530 million company that came about in mid-2022 through a merger of Regal Funds Management (RFM) and the company he co-founded 15 years ago, VGI Partners.
When the merger took place both Luciano and RFM co-founder Phil King stepped aside from board responsibilities to focus on their investment teams, which in Luciano's case related to the fund VGI Partners Global Investments (ASX: VG1).
But just over a year later in June 2023 it was announced that Luciano would be taking a well-needed three-month sabbatical.
"This is the first extended break Robert has taken since he founded VGI Partners in 2008 and also marks one year since the successful completion of the merger of VGI Partners with Regal Funds Management to form Regal Partners," the fund's chairman David F Jones said in the company's annual report in August.
At the time, Jones noted that portfolio managers Marco Anselmi and Simon Birrell would take the reins during Luciano's absence, with oversight from Regal's co-founder and chief investment officer Phil King.
But the sabbatical went for longer than planned, and today it was revealed that the temporary arrangement with Anselmi and Birrell would become a permanent one.
"We wish Rob all the very best in his future endeavours," says King.
"He has been instrumental, as CIO and Founder of VGI Partners, in the inception of the company and growth of the broader VGI Partners business.
"Rob is a talented and thoughtful global investor, and we thank him for the extensive time and commitment he has provided to the company."
King emphasises Anselmi and Birrell have demonstrated a strong capability in the management of global long/short equity portfolios.
"In regard to VG1, we are very pleased with the arrangements undertaken to ensure a smooth transition of portfolio management responsibilities of the portfolio during Rob’s sabbatical."
Luciano, who still owns approximately 16 per cent of Regal Partners with an estimated holding of $89.5 million, as well as almost $20 million in VG1, says he is proud of the business that was created and he is highly confident in the ability of the Regal Partners team to remain a careful steward of its clients.
"After more than 15 years at VGI Partners and a career in equity markets spanning almost three decades, I am looking forward to taking a break and spending time with my family," he says.
"Phil, Marco, Simon and the entire Regal team are of exceptional quality, and I look forward to watching them execute on the strategy over the coming years."
Regal Partners CEO Brendan O’Connor has thanked Luciano for the hard work and commitment he has given to the business.
"The combination of Regal Funds Management and VGI Partners Limited in June 2022 has provided a substantial foundation from which the business has continued to grow, with funds under management due to shortly surpass $10 billion," O'Connor says.
"We recognise Rob’s instrumental contribution as founder of the VGI Partners business, and we wish him every success into the future."
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