Pengana Capital’s global volatility fund has won a $50 million allocation from industry superannuation fund AUSCOAL.
Pengana chief executive Russel Pillemer said it was a sound acquisition for the company’s strategy.
“With the investment markets undergoing unprecedented levels of volatility, the Pengana global volatility fund, being uncorrelated with other asset classes, is well placed to perform well in this difficult environment,” he said.
The AUSCOAL investment team carried out months of due diligence with Pengana before choosing the global volatility fund.
The fund has more than $600 million in funds under management.
The central bank has served up a disappointment for punters on Melbourne Cup Day.
The superannuation industry will be judged by its member services rather than how effectively it accumulates wealth, according to Stephen Jones.
The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members.
Super Review announced 21 winners at the annual Super Fund of the Year Awards, including the recipient of the prestigious Fund of the Year Award.