Perpetual LIC rakes in investors
The initial public offering for Perpetual Investment's first listed investment company (LIC) has closed after five weeks and has become the largest capital raising for a LIC since the global financial crisis after passing its initial raising target by $100 million.
The Perpetual Equity Investment Company Limited (PIC) opened on October 21 with a raising target of $150 million and closed on November 28 having raised $250 million with PIC now expected to be listed on the Australian Securities Exchange (ASX) from 18 December.
Perpetual Investments Group Executive Michael Gordon said PIC has resonated with investors and financial advisers who were seeking direct and transparent investments within a diversified portfolio.
"PIC recognises the changing behaviours of Australian investors and has been designed to respond to their specific needs. We are delighted the market has shown such confidence in Perpetual Investments' proven investment process and that investors are now choosing to access it through a new channel," Gordon said.
PIC will invest in Australian listed securities with a mid-cap focus but will be able to use 25 per cent of the portfolio's net asset value in opportunistic allocations to global listed securities with Portfolio Manager, Vince Pezzullo stating the midcap sector of the ASX offered value and diversification, particularly to self-directed investors who have concentrated their equity investments in local banks and resources.
AUTHOR
Jason Spits
Recommended for you
Compared to four years ago when the divide between boutique and large licensees were largely equal, adviser movements have seen this trend shift in light of new licensees commencing.
As ongoing market uncertainty sees advisers look beyond traditional equity exposure, Fidante has found adviser interest in small caps and emerging markets for portfolio returns has almost doubled since April.
CoreData has shared the top areas of demand for cryptocurrency advice but finds investors are seeking advisers who actively invest in the asset themselves.
With regulators ‘raising the bar’ on retirement planning, Lonsec Research and Ratings has urged advisers to place greater focus on sequencing and longevity risk as they navigate clients through the shifting landscape.
