Perpetual appointed Regal’s RE
Perpetual Corporate Trust has been appointed as the responsible entity of the retail feeder for Regal Funds Management's long short equity fund after a unit holder meeting on 17 March.
The move comes after Ascalon Capital Managers exited its responsible entity business as it was outside of Ascalon's core business of setting up and growing boutique asset management funds.
Regulatory Fiduciary services acting general manager, Rupert Smoker, said Perpetual can provide independent advice as an external responsible entity.
"Fund managers are increasingly recognising the value of an independent responsible entity in acting in the best interests of investors," he said.
The underlying wholesale-only fund has over $165 million in funds under management as at February 2015, with the goal of outdoing the S&P/ASX 300 accumulation index net of fees over a rolling five year basis.
AUTHOR
Malavika Santhebennur
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