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.
Recommended for you
The struggle to recruit specialist expertise in alternative asset classes means senior analyst salaries are surpassing $200,000 as fund managers compete for talent, observes Kaizen Recruitment.
TWC Investment Management, which launched in September, has unveiled a long-only equity fund targeting global wealth creator stocks.
As thematic ETFs gain popularity among advisers, research houses have told Money Management of their unique challenge to rate these niche products and assess their long-term viability.
Magellan Financial Group’s chief financial officer and chief operating officer Kirsten Morton is set to depart from the asset manager after more than a decade.
