Perpetual Corporate Trust breaks new ground
Perpetual Corporate Trust has broken new ground by being appointed as the Responsible Entity (RE) for an exchange traded managed fund (ETMF).
The Perpetual business announced this week it would act as the RE for Montgomery Global Investment Management’s listed fund, the Montgomery Global Equities Fund (MOGL) which has listed on the Australian Securities Exchange (ASX) after raising more than $54 million from mostly retail investors.
It said the MOGL was Montgomery Global’s first exchange traded global equity fund. The fund will give investors access to a portfolio of undervalued global companies generally unavailable on the ASX.
Commenting on the arrangement, Perpetual Corporate Trust general manager of Managed Fund Services Andrew Cannane said it was the third listed role the business had been involved in this calendar year.
“And while we have worked on numerous listed investment trusts in the past, this will be the first time we act as RE for an exchanged traded managed fund,” he said, noting that Perpetual had been seeing a growing trend in managers launching listed products as they are generally easier to distribute to retail client.
“The rise of ETMFs provides real opportunities for our business, and we look forward to working with the team at Montgomery,” Cannane said.
Recommended for you
The Federal Court has issued its verdict in ASIC's first greenwashing case against Vanguard Investments Australia regarding the use of ESG exclusionary screens.
Investment managers who plan to implement artificial intelligence in the next five years expect to see increased productivity, but views are mixed on whether it will boost revenue and assets under management.
A former corporate adviser has been sentenced in the Supreme Court of Western Australia for insider trading to realise a profit of more than $57,000.
Private markets expertise is sought-after for investment operations hires as allocations to alternative assets rise, according to a recruitment firm, but there is a gap between demand and supply.