Pengana moving to Asian property
Pengana Capital is shutting down its Australian property securities fund in reaction to continuing problems with the Australian property market and developing a new Asian long short real estate securities fund to take advantage of strong forecasts for growth in Asia.
Chief executive of Pengana, Russel Pillemer, said with property markets following the fall in equities, continuing issues of concentration in the market and a long deleveraging process, it was difficult to provide diversification and value for their investors in the Australian property fund.
The property portfolio manager for Pengana, Tim Shaw, said even though there was a potential for recovery in the Australian market, any recovery would have continued volatility and face calls for extra capital.
Pillemer said property would be an important part of future economic growth in Asia.
The fund will open during the year.
AUTHOR
Benjamin Levy
Recommended for you
The Financial Services Council has appointed a new deputy chair for its board.
ASIC chair Joe Longo has told compliance professionals they need an “attitude of compliance” beyond written policies, how can AFSLs achieve this without alienating their advisers?
Peri and menopause training founder and TV journalist Shelly Horton has hit back at calls for businesses to introduce menopause leave.
Pendal has told investors it will start winding up its Enhanced Credit fund from December, its third fund closure this year.
