There is an increasing demand for responsible entity (RE) services from both global and local asset managers, a Perpetual-issued statement said.
Perpetual Corporate Trust acting general manager of regulatory fiduciary services Rupert Smoker said: “Clearly Australia remains a desirable target for international fund managers and we are seeing a continued demand from a range of offshore asset managers.”
“However, we are also seeing more and more local investment managers transition to an independent RE, freeing up them to focus on managing their strategies and growing their funds under management,” he said.
Perpetual said the demand for RE services has increased over the past quarter, with the company appointed as independent RE for seven funds.
“Our role as an independent responsible entity is to assist fund managers structure their products for Australian institutional and retail investors to ensure their funds are operated in a manner consistent with Australian financial services law and in the best interest of investors,” Mr Smoker said.
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