Perpetual to offer two for one option with new LIC
Perpetual will offer its first listed investment company (LIC) in October and will aim to attract investors with a 'two for one’ share option in the newly launched venture.
The LIC - to be called Perpetual Equity Investment Company Limited - will have an option for investors to purchase an additional share for every share subscribed for under the offer.
Perpetual was unable to supply full details of the underlying investments until the prospectus has been lodged with the Australian Securities and Investments Commission which is expected to take place in early October.
Perpetual will be one of the larger investment managers to offer a LIC this year with boutique managers ECP Asset Management and Investors Mutual both having launched their own LICs in July of this year.
The sector has begun to mature according to Zenith Investment Partners who released a review in June and found that LICs offered benefits for investors looking for absolute returns on the condition they do not buy shares at too high a premium.
AUTHOR
Jason Spits
Recommended for you
Adviser losses this week are quadruple the same period a year ago, with the industry falling into negative territory for the last 12 months.
Colonial First State has announced the latest manager to join its Edge managed accounts menu, focusing on providing investors with a strategic income.
Rising advice fees has prompted Radar Results to increase its price guide to a minimum of $3,000 per client to reflect the changing shape of the adviser landscape.
Investment consultancy Ascalon Capital has appointed a new partner, who joins from 20 years at Zenith Investment Partners, as well as a new chief executive amid a “bold new chapter” for the firm.
