NAB takes stake in Pengana Capital
National Australia Bank’s direct investment management business nabInvest has acquired a minority stake in diversified fund manager Pengana Holdings.
The stake in Pengana Holdings was reportedly bought from the family of Shadow Treasurer Malcolm Turnbull for an estimated $10 million to $20 million.
The majority of the company will continue to be owned by management, fund managers and directors.
Its operating subsidiary Pengana Capital, which has approximately $2 billion in FUM will “continue to be run as a stand-alone, independent business led by current chief executive Russel Pillemer”.
Pillemer said the nabInvest investment would leave Pengana Capital “well placed to embark on our next phase of growth and continue to develop innovative new products”.
nabInvest chief executive Garry Mulcahy said the stake was an “example of NAB’s focus on identifying quality growth opportunities and leveraging our expertise in wealth management”.
NAB launched nabInvest in November 2007 to build in-house asset management capability and take substantial equity stakes in boutique investment firms.
The stake in Pengana is nabInvest’s second investment since launch, its first was an investment in boutique fund manager Northward Capital, which was launched last year.
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