The PFA is the peak industry body representing the Australian unlisted direct property funds sector, which manages approximately $125 billion in funds under management.
Its executive committee recently elected Steven Bennett, head of Charter Hall Direct, as the new president of PFA’s national executive committee, taking over the role from Mark Pratt, executive general manager – property, at Australian Unity.
The association also elected Andrew Cannane, executive director at Evans Dixon, as the committee’s new vice president.
Formed in 1998, PFA was established to provide the growing number of direct property investors and managers with an organisation to represent their interests, promote their industry and provide a forum for research and education.
“We welcome our new president and vice president to the executive committee. The executive committee is the decision-making body of the association and comprises of PFA members which represent the various areas of the association's constituency,” PFA CEO Paul Healy said.
“I would like to thank our previous president, Mark Pratt, for his contribution towards growing the association’s scope to represent the advisers, consultants and representatives of property investors and managers.”
Mr Bennett said he is honoured to be appointed in this new role.
“Having been a member of the association since 2014, I believe the association will continue to play an integral role in representing the interests of the direct property industry,” he said.
“Over the last two decades, this sector has grown dramatically and has become a core investment class for growing the wealth of Australian investors by providing strong risk adjusted returns and a stable source of regular income.
“Apart from the high levels of ongoing income, what makes direct property so compelling is its low correlation with other asset classes providing effective diversification benefits and lower relative volatility. This means direct property investments react in a different manner to varying economic conditions compared to other major investment classes such as shares and bonds.
“For this reason, we believe, investors will continue to hold direct property as an essential component in their portfolios.”