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TPCG takes trusteeship from Hastings
The Private Capital Group (TPCG) has taken ownership of trustee duties for The Infrastructure Fund (TIF) from Hastings Funds Management.
The transfer of TIF/TIFB and TPCG-IU, TPCG-PCU, TPCGB-IUB and TPCGB-PCUB occurred on 1 September following unit-holder approval at a mid-year meeting and the completion of conditional approvals.
TPCG said its new duties formalised the governance role it had previously played and allowed unit-holders to legally own and control their own assets.
Hastings Funds Management will continue in its role as manager of the TIF portfolios, which it has carried out for 13 years.
"The key to TIF's success is a combination of the interaction between TPCG and Hastings; the expertise that our manager brings to every infrastructure deal that is considered; and the experience of the TPCG Board of Directors in ensuring optimal alignment of interest for the benefit of unit-holders," TPCG said.
TPCG is a wholesale investment vehicle which originally included Queensland industry super funds BUSS(Q), Electricity Supply Industry Superannuation, ACSRF, Suncorp Metway General Insurance and Suncorp Metway Life & Superannuation and Sunsuper, but now comprises a mix of wholesale investors.
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