Perennial Investment Management has opened its initial offer for an exchange traded managed fund (ETMF), the eInvest Income Generator Fund (EIGA).
The firm said it was seeking to raise funds under the offer to seed the fund prior to the units being admitted to trading status on the Australian Securities Exchange (ASX), at an issue price of $4 per unit.
The objective of the fund would be to provide investors with attractive incomes, paid via monthly distributions, with a target of seven per cent annual gross distribution yield, comprising a five per cent cash dividend yield, paid in monthly instalments, plus two per cent franking credits.
The fund would invest in a portfolio of 30-40 quality Australian shares with the ability to pay attractive dividends, according to its lead portfolio manager Stephen Bruce.
The closing date of the offer would be 27th April.
