Pengana to offer property hedge fund
PENGANA Capital is planning to launch a new long-short absolute return hedge fund that will invest in global real estate later this financial year.
The Pengana Capital Real Estate Securities Absolute Return Fund, as it will be known, will initially be accessible to institutional investors, however, it will be rolled out later to retail investors courtesy of master trusts and wraps, according to Pengana executive director Stuart Stuckey.
“We will ultimately look to have the fund included on platforms, but in the first instance it’s more appropriate to offer the fund in the wholesale space,” he says.
The fund will be registered in the Cayman Islands to give it more international flexibility, Stuckey says, and plans to invest in Australia, North America, Singapore, Japan, France and the UK — all of which have established or are in the process of establishing real estate investment trust (REIT) markets.
Stuckey, who along with Mark Thorpe-Apps and Ern Koh resigned fromBT Financial Groupin April 2003 to set up Pengana, says he has had feedback from the industry to see the fund included on platforms.
“We have had discussion with some industry participants and they are very keen to see the fund accessible on master trusts and wraps,” he says.
Recommended for you
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.
Volatility in US markets means currency is becoming a critical decision factor in Australian investors’ ETF selection this year.
Clime Investment Management is overhauling the selection process for its APLs, with managing director Michael Baragwanath describing the threat of a product failure affecting clients as “pure nightmare fuel”.
Global X will expand its ETF range of exchange-traded funds next month with a low-cost Australian equity product as it chases ambitions of becoming a top issuer of ETFs in Australia.
