Perpetual appointed RE for seven funds
Perpetual has seen significant demand for its responsible entity (RE) services in the last quarter, with seven funds appointing it as an independent RE.
The demand is coming from local managers moving from an internal RE to an external provider, as well as offshore, with global managers drawn to Australia's $1.9 trillion superannuation pool.
The managers who have appointed Perpetual to supervise their managed investment schemes include:
- Dalton Nicol Reid Australian Equities High Conviction Fund;
- Aviva Investors Multi-Strategy Target Return Fund;
- AQR Style Premia Trust;
- Harding Loevner Emerging Markets Equity Fund;
- Morgan Stanley Global Properties Securities Fund;
- Tipalea Retail Income Fund — Marian; and
- The Monash Absolute Investment Fund.
Perpetual Corporate Trust acting general manager, regulated fiduciary services, Rupert Smoker, said the firm offered on the ground support for offshore asset managers to deal with Australia's regulatory regime.
"Our role as independent responsible entity is to assist fund managers structure their products for Australian institutional and retail investors to ensure their funds are operated in a manner consistent with Australian financial services law and in the best interests of investors," he said.
As an RE, Perpetual's role is to offer independent monitoring of risk, compliance and governance issues for investment managers of listed or unlisted assets, targeting wholesale and/or retail investors.
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