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Perpetual LIC attracts strong SMSF interest

Perpetual LIC attracts strong SMSF interest

Reporter
24 November 2014

Following strong interest from SMSF trustees and advisers, Perpetual’s first listed investment company has raised $150 million, exceeding its initial target.

Perpetual Investments group executive Michael Gordon said the Perpetual Equity Investment Company (PIC) has resonated with SMSF trustees and advisers as it provides a regular and growing income stream and long-term capital.

Mr Gordon said the PIC is a diversified portfolio with 75 per cent Australian listed securities with typically a mid-cap focus and 25 per cent in listed global securities.

“Our engagement with investors, brokers and advisers over the past few weeks has reinforced the demand for portfolio diversity,” he said.

He said the LIC gives SMSFs “access to diversification normally reserved for institutional investors, in a liquid and transparent vehicle, as well as the potential for carefully managed dividends and franking credits”.

Perpetual portfolio manager Vince Pezzullo said he is already assessing investment opportunities in preparation for PIC’s listing on 12 December.

“PIC generally expects to release to the ASX the net tangible asset backing of its shares as at the end of each business day within two business days,” said Mr Pezzullo.

Perpetual LIC attracts strong SMSF interest
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