Specialist in Asia Pacific, Japan, China, India and South East Asia and Global Emerging Market equities.

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formerly Realindex Investments

Leader in active quantitative equities across Australian equities, global equities, emerging markets and global small companies.

Backed by a unique blend of research, portfolio construction and risk management, focused on uncovering original insights and translating them into investment strategies that are active and systematic, aiming to generate alpha.

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At Stewart Investors, we believe in putting people first. Our investment world-view is of a series of partnerships – with each other, with our clients, with the companies we invest in, the people who buy their goods and services, and with the wider society in which we all live and work.

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Short-Term Investments

Short Term Investments

The team boasts one of the largest number of dedicated portfolio managers of cash funds in Australia, with a long term and solid track record of outperformance.

Tony Togher
Head of Fixed Income, Short Term Investments and Global Credit

As Head of Fixed Income, Short Term Investments & Global Credit, Tony oversees of a range of fixed income, credit, and cash investment capabilities. He provides investment leadership and strategy to deliver on a wide variety of client objectives.  He also has responsibility for investment outcomes, governance, team management, product development, client servicing, business development, and managing our counterparty relationships. Over his career spanning more than three decades, Tony has a proven track record of achieving success as an investor, engaging with clients, managing businesses, and nurturing talent. Tony joined First Sentier Investors in March 2002 as a result of the merger of Commonwealth Investment Management and (then) Colonial First State, where he had established the Cash business in April 1988. Prior to this, Tony was employed at the Commonwealth Bank of Australia, in the Global Markets Treasury Division, in a variety of portfolio trading roles. In 2003, Tony was appointed as a Trustee Director of the Commonwealth Bank Officers Superannuation Corporation (CBA Group Super). In 2012, Tony was appointed to the Market Governance Committee of the Australian Financial Markets Association (AFMA), where he currently acts as Deputy Chair.

Nicholas Deppeler
Senior Portfolio Manager

As a Senior Portfolio Manager, Nicholas actively contributes to the development and implementation of the team’s strategic and tactical portfolio management decisions. His responsibilities encompass the ongoing development of the investment mandates risk management systems and he provides much of the analytical portfolio analysis and attribution required by clients and consultants. Nicholas has over 25 years' experience. Prior to joining the company, Nicholas was a Senior Portfolio Manager with the Treasury Corporation of Victoria and was responsible for the management of their short term liability portfolios. Nicholas also worked at AMP Asset Management in various roles including Fixed Interest Portfolio Manager, based in London and in Australia as a Senior Portfolio Manager managing nominal Bond and inflation linked mandates. Nick holds a Bachelor of Economics degree from Monash University, Melbourne and has also completed the Graduate Diploma in Applied Finance and Investment from the Securities Institute of Australia.

Natasha Feder
Portfolio Manager / Structured Credit Analyst

Natasha is a Portfolio Manager on the Short Term Investments team, as well as a Structured Credit Analyst, providing important expertise for the global credit function. Natasha has over 30 years of experience including her previous role at CFSGAM as a Senior Credit Analyst focused on global (ex-Asia) banking credit. Prior to CFSGAM Natasha was a Senior Credit Analyst – Vice President at State Street Global Advisors (SSgA) where she was responsible for analysing all fixed income and cash assets issued in Australia, and was actively involved in the marketing of SSgA funds to clients, rating agencies and asset consultants. Prior to SSgA, Natasha was an Associate Director of the Relationship Credit Group (Natural Resources) at ANZ. Natasha has extensive experience in corporate lending, project and structured finance, securitisation and credit analysis with several international banks including Credit Suisse and Toronto Dominion. In addition, Natasha has also worked with Merrill Lynch, and HSBC Securities as a sell-side equity analyst covering resource companies and bulk commodities.

Natasha holds a Bachelor of Science (Zoology) and a Bachelor of Arts (Economics and Politics) from The University of Melbourne, a Graduate Diploma in Applied Finance and Investment from the Securities Institute of Australia, and a Masters of Accounting Studies from the University of New England. Natasha is also a CPA and a Senior Fellow of the Financial Services Institute of Australasia.

Martin Ross
Portfolio Manager

As Portfolio Manager, Martin is responsible for the facilitation of both transactional activity and strategic / tactical analysis, incorporating these endeavours across all portfolios managed by the group. Martin has over 20 years' experience. Prior to joining the company, Martin worked at AMP Capital Investors as a Senior Portfolio Manager – Macro Markets – Fixed Interest. Martin also held roles at WBC as a Risk Manager, CSFB London as a Risk Analyst Fixed Income, Tokai Bank Europe as a Bond and Currency Analyst and Credit Union Services Corp Sydney as a Money Market Dealer. Martin holds a Bachelor of Science degree from Sydney University, Majoring in Mathematics and Statistics, and a Graduate Diploma in Applied Finance and Investment from the Securities Institute of Australia.

Liam O'Connor
Portfolio Manager

As Portfolio Manager, Liam is primarily responsible across all cash, cash enhanced and tailored credit portfolios. Liam is largely involved in research, asset identification, negotiation, execution and monitoring of securities that target alpha generation. Currently much of this is achieved via investment in residential mortgage backed securities (RMBS) and index plus banking product. Strategic initiatives and industry development are also a focus. Liam has over 21 years' experience. Prior to joining the company, Liam was a derivative sales trader with Goldman Sachs JBWere in Sydney. Liam is currently a member of the Australian Financial Markets Association (AFMA) Negotiable and Transferable Instruments (NTI) Committee. He previously chaired AFMA’s BBSW Committee during recent reform. Liam holds a Bachelor of Economics from the Australian National University, Canberra. Liam is an AFMA Accredited Dealer and is ASIC RG146 compliant.