Pengana acquires Saltbush fund
Russel Pillemer
Specialist investment fund manager Pengana has acquired the Saltbush Absolute Return Fund, which will be re-branded as Pengana subject to the change of trustee receiving unit holder approval.
Commenting on the acquisition, Pengana chief executive officer Russel Pillemer said Pengana will add unique capabilities to its existing line-up of investment funds.
“The acquisition of the Saltbush Absolute Return Find follows Pengana’s strategy of seizing fresh market opportunities and allows us to offer our clients an even wider selection of investment opportunities by attracting the top investment talent in the Australian market,” Pillemer said.
The joint portfolio managers for the fund, John Parker and Stephen Goldberg, will join Pengana.
Pillemer said the two helped deliver a 17.5 per cent net average annualised return for the fund between May 2004 and January 2008.
“The past months have been some of the worst for equity markets in 20 years and it’s impressive that the fund has been able to outperform in both up and down markets,” Pillemer said.
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