Perpetual Corporate Trust has been appointed as the responsible entity (RE) of the MCP Master Income Trust.
The appointment was confirmed by Perpetual Corporate Trust general manager and of Managed Fund Services, Andrew Cannane who noted that the MCP Master Income Trust was the first Australian Securities Exchange (ASX)-listed investment trust dedicated to corporate lending managed by Metrics Credit Partners.
“We are delighted to be appointed RE of Metrics’ new listed investment trust, which will provide a rare opportunity for non-bank investors to invest in diversified Australian corporate fixed income,” he said.
The MCP Master Income Trust is the first listed investment trust from Metrics Credit Partners, an Australian debt-specialist fund manager with assets under management in excess of $2 billion. The trust’s recent initial public offering (IPO) raised more than $515 million, making it one of the largest fund IPOs in Australia.
Commenting on the arrangement, MCP managing partner, Andrew Lockhart said that investing in corporate loans had traditionally been a market dominated by regulated banks, making it difficult for non-bank investors to access.
“There was significant interest in the IPO from retail and SMSF [self-managed superannuation fund] investors. This highlights their appetite to gain access to a listed, fixed income product, which is a vital component of a balanced investment portfolio.
“We have a committed and dedicated team focused on high performance and Perpetual’s brand and expertise in the RE space will substantially benefit our business going forward.”