Pengana selects new external managers after stock-pickers exit
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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.
Russel Pillemer, Pengana Capital Group chief executive, said: “We are extremely pleased to be able to partner with such a highly regarded team. Harding Loevner are truly one of the finest international equity managers worldwide, with an exceptional long-term track record of outperformance.
“We think that this is a very positive development for our investors – and have a high degree of confidence that they will benefit from strong long-term returns.”
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Speaking to
Money Management, Pengana chief executive, Russel Pillemer said choosing the Connecticut-based Axiom was the “optimal solution” as it was an “extremely well-regarded fund manager” for the Pengana International Ethical Fund and the Pengana International Ethical Opportunities Fund.
The two funds would be renamed as Pengana Axiom International Ethical Fund and Pengana Axiom International Ethical Fund (Hedged).
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Pillemer said the fund made the choice by looking at what teams were around to bring on and who they could joint venture with.
“Externally, this is the highest quality solution for the fund. This is the optimal solution for us and I think you can see that by looking at the quality of the team, looking at the investors and their credibility, their track record as well and looking at the support they get from the institutional gate keepers and you can see just a very high quality offering,” he said.
St Mirren won t consider selling ex-LOI star unless there s an outrageous bid
Three English clubs and a Scottish club have already enquired about the former Pat’s and Dundalk man, says Jim Goodwin. By Press Association Thursday 29 Apr 2021, 3:25 PM 9 hours ago 5,047 Views 4 Comments
St Mirren’s Jamie McGrath has been linked with a move to Aberdeen.
Image: Jeff Holmes/PA
Image: Jeff Holmes/PA
JIM GOODWIN HAS warned Aberdeen it will take an “outrageous” fee for St Mirren to give up Jamie McGrath this summer.
The former St Pat’s and Dundalk man is hot property after an impressive first season in Scotland, having contributed 15 goals to the Paisley cause from his role in the heart of Goodwin’s midfield.
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A series of adjustments throughout 2020 helped Cleveland Clinic reach its revenue levels of the year prior, but its operating income last year was down significantly, according to the health system s annual financial report.
The $10.6 billion the Clinic reported in revenue for 2020 was actually slightly higher than in 2019, but fell short of the $11.1 billion in top-line revenue the system had budgeted before COVID-19 upended health care and the economy.
The Clinic earned $232 million in operating income, down 40% from 2019. Through all of this, the financial strength of the Clinic allowed us to do what we did, serving our patients and our communities, taking care of our caregivers through this, said Steven Glass, the Clinic s chief financial officer.