Fund manager Pengana Capital Group paid zero performance fees in the first half of the financial year despite positive performance, a “highly unusual” position for the firm.
Pengana selects new external managers after stock-pickers exit
Share
Locally listed fund manager Pengana Capital has partnered with two US asset managers to run a series of its funds after the sudden departure of two senior investment staff in March.
Harding Loevner, a New Jersey-based asset manager with $US84 billion ($107 billion) in funds under management, will run the Pengana International Equities listed investment company portfolio and a Pengana unit trust vehicle with the same strategy, the Sydney-based fund manager announced on Monday.
Russell Pillemer says Pengana Capital considered hiring locally before outsourcing a series of portfolios to two US fund managers.