Pengana moving to Asian property
Pengana Capital is shutting down its Australian property securities fund in reaction to continuing problems with the Australian property market and developing a new Asian long short real estate securities fund to take advantage of strong forecasts for growth in Asia.
Chief executive of Pengana, Russel Pillemer, said with property markets following the fall in equities, continuing issues of concentration in the market and a long deleveraging process, it was difficult to provide diversification and value for their investors in the Australian property fund.
The property portfolio manager for Pengana, Tim Shaw, said even though there was a potential for recovery in the Australian market, any recovery would have continued volatility and face calls for extra capital.
Pillemer said property would be an important part of future economic growth in Asia.
The fund will open during the year.
Recommended for you
Janus Henderson is actively seeking to partner with private wealth firms in Australia as it looks to expand its number of strategic partnerships, as well as focus on retirement income product development.
Global investment manager First Sentier Investors has launched an umbrella brand to provide greater clarity around its shift to a multi-affiliate asset manager encompassing six investment teams.
Janus Henderson has seen intermediary outflows in the second quarter of US$1.2 billion, although its deal with insurer Guardian means overall net flows are US$46.7 billion.
Infrastructure assets are well-positioned to hedge against global uncertainty and can enhance the diversification of traditional portfolios with their evergreen characteristics, an investment chief believes.
