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National Australia Bank’s direct investment management business, nabInvest, today announced its second fund manager partnership, taking a significant minority stake in diversified fund manager Pengana Holdings Pty Limited (PHPL). The majority of the company will continue to be owned by management, fund managers and directors.
Pengana Capital, the operating subsidiary of PHPL, has approximately $2 billion in funds under management and currently offers a diverse range of market leading funds across several asset classes.
Pengana Capital will continue to be run as a stand-alone, independent business led by CEO Russel Pillemer.
Russel Pillemer, CEO of Pengana Capital said "with nabInvest as a strategic investor we are well placed to embark on our next phase of growth and continue to develop innovative new products."
"We are looking forward to expanding our market presence and offering our funds to new clients through the National Australia Bank," Mr Pillemer said.
Garry Mulcahy, CEO of nabInvest, said Pengana Capital was an attractive investment opportunity because it is a quality investment business with a proven business model.
"Pengana’s success is linked to its ability to identify investment opportunities across a range of asset classes and attract best-in-class managers to capitalise on these opportunities," Mr Mulcahy said.
"A partnership with nabInvest will strengthen this capability and will support the ongoing development of new investment offers for both wholesale and retail clients."
George Frazis, NAB Group Executive General Manager, Development & New Business, said "this investment is an example of NAB’s focus on identifying quality growth opportunities and leveraging our expertise in wealth management."
National Australia Bank launched nabInvest in November 2007 to build in house asset management capability and take substantial equity stakes in boutique investment firms.
This is nabInvest’s second investment, the first being Northward Capital, launched in November 2007.
The consideration of the transaction is not material for NAB.
Pengana was advised by Lexicon Partners in this transaction.
For further information, please contact:
Stacey Mitchell
Manager, Media Relations, nabInvest
National Australia Bank Limited
T 02 9966 3035
M 0400 305 446
Sally Robards or Melanie Spence
evolution media for Pengana
T (02) 8969 6077
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