Perpetual Corporate Trust breaks new ground
Perpetual Corporate Trust has broken new ground by being appointed as the Responsible Entity (RE) for an exchange traded managed fund (ETMF).
The Perpetual business announced this week it would act as the RE for Montgomery Global Investment Management’s listed fund, the Montgomery Global Equities Fund (MOGL) which has listed on the Australian Securities Exchange (ASX) after raising more than $54 million from mostly retail investors.
It said the MOGL was Montgomery Global’s first exchange traded global equity fund. The fund will give investors access to a portfolio of undervalued global companies generally unavailable on the ASX.
Commenting on the arrangement, Perpetual Corporate Trust general manager of Managed Fund Services Andrew Cannane said it was the third listed role the business had been involved in this calendar year.
“And while we have worked on numerous listed investment trusts in the past, this will be the first time we act as RE for an exchanged traded managed fund,” he said, noting that Perpetual had been seeing a growing trend in managers launching listed products as they are generally easier to distribute to retail client.
“The rise of ETMFs provides real opportunities for our business, and we look forward to working with the team at Montgomery,” Cannane said.
Recommended for you
High entry requirements are vital to ensure fund management remains competitive, according to Blackwattle’s managing director Michael Skinner, as the firm approaches its first anniversary.
Forager Funds Management has shared its rationale behind delisting its Australian Shares Fund from the ASX in favour of structuring it as an open-ended unit trust.
Michael Lovett, who left the investment giant just three months after launching its Vanguard Super offering, has taken up a CEO role at an Australian asset manager.
As fund managers look to enhance efficiencies and reduce operating expenses amid active underperformance, former abrdn managing director Brett Jollie shares how to successfully do so.
