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
Recommended for you
Magellan has closed out the financial year with funds under management approaching $40 billion and outlined its estimated performance fees.
First Sentier Investors chief executive, Mark Steinberg, is set to depart the asset manager after seven years.
Metrics Credit Partners has completed the acquisition of Taurus Finance Group and BC Investment Group as it looks to launch consumer lending arm Navalo.
AMP has announced to the ASX that it is being sued by property fund manager Dexus regarding the sale of its real estate and domestic infrastructure equity business.
