LIC opens into manager to retail market
By Ben Abbott
HIGH-net-worth and institutional fund manager Peters MacGregor Capital Management has opened its global portfolio to retail investors for the first time through the launch of a new listed investment company (LIC).
The product joins the recent flood of LICs offered to retail investors in the market, including thevan EykThree Pillars,WilsonLeaders, Brickworks Investment Company, MMC Contrarian and proposedHunter Hallofferings.
The new LIC, Peters MacGregor Investments (PMI), is seeking to raise $100 million from Australian and New Zealand retail investors by the end of March and has a minimum investment amount of $2,000.
The LIC will offer shares at $1, with each share carrying a free option to purchase another share at the same price. Macquarie Equities has been appointed lead manager. A listing is planned for April 2004.
Peters MacGregor founder and chief investment officer Wayne Peters says, “We eat our own cooking — I am an investor as well and I also expect the portfolio to perform.”
Since it formed in 1999, Peters MacGregor has recorded an average compound gross return of 32 per cent per annum.
The group invests in a maximum of 20 businesses, and holds those investments for the long term, with the philosophy that ‘less is more’.
“By focusing on a small number of hand-picked companies, we are better placed to know and understand their management and their prospects extremely well,” Peters says.
Peters established the capital management business to manage investments on behalf of high-net-worth individuals.
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