Pengana to offer hedge fund series

By Craig Phillips

PENGANA Capital is set to launch a series of hedge funds after striking an agreement with Chicago-based hedge fund manager HFR Asset Management LLC (HFR) to offer products in Australia and New Zealand.

Pengana Hedge Funds, a subsidiary of Pengana Capital, will unveil a collection of Australian and New Zealand dollar denominated unit trusts in early May, with a version of the HFRX Investable Hedge Fund Index — the HFRX Global Index fund — the first scheduled for roll out.

“Investing in the hedge fund sector on an index basis provides diversification benefits within the hedge fund asset class, across both investment styles, and hedge fund managers,” Pengana managing director of hedge funds Damien Hatfield says.

The group plans to launch both leveraged and unleveraged versions of the global index fund as well as a capital-guaranteed product.

The global index fund will give investors access to 50 hedge funds across eight primary hedge fund strategies.

“Hedge funds are a genuine and growing alternative in this overcrowded unit trust market — and this index product will carry a lower fee structure and an efficient and transparent entry into a diversified hedge fund portfolio,” Hatfield says.

Pengana is also on track to launch a hedge fund-of-fund listed investment company over the next few weeks, group director Russel Pillemer says.