Metrics launches LIT on ASX
Metrics Credit Partners has launched its new listed investment trust (LIT), the MCP Income Opportunities Trust (MOT), on the Australian Securities Exchange.
The MOT’s investment objective is to provide quarterly cash income, preserve investor capital and manage investment risks, while seeking to provide potential for upside gains through investments in private credit.
The LIT would also seek to provide investors exposure to a portfolio of private credit investments, and would target a cash income distribution of seven per cent per annum, with a total target return of eight to 10 per cent per annum net of fees.
Perpetual Limited’s wholly own subsidiary, The Trust Company, has been made the responsible entity of the fund, and Perpetual Trust Services Limited is the custodian of the LIT.
Metrics’ managing partner, Andrew Lockhart, said he believed there was strong demand for an investment product that could deliver quarterly cash income, with potential to participate in upside gains, without the volatility of listed equity markets.
“MOT offers exposure to a range of borrowers and private credit investments that are not typically available to retail investors, while keeping a core focus on managing investment risks,” he said.
The offer opened on 12 March, with a maximum size of $300 million, which Lockhart said was a deliberate cap to ensure capital was sensibly deployed, and to avoid a cash drag.
Recommended for you
In the latest Meet the Manager profile, Money Management speaks with Michael Skinner, founder and managing director at Blackwattle Investment Partners.
Perpetual has seen AUM rise 6 per cent in the last quarter but the departure of a longstanding JOHCM fund manager led to outflows of $2.2 billion from his strategy.
Global fixed income fund Bentham Global Opportunities has been added to several major platforms, enabling it to be accessed more easily by financial advisers.
Following yesterday’s news about First Sentier Investors closing four investment teams, a second global asset manager has announced it is closing its only dedicated Australian fund.
