Perpetual Corporate Trust has been appointed as the responsible entity of the ASX-quoted Montgomery Global Equities Fund.
The Montgomery Global Investment Management exchange-traded managed fund (ETMF), which began trading on Wednesday, will use Perpetual as its responsible entity.
The ASX-quoted fund, which shares the same strategy as the unlisted Montgomery Global Fund, raised $54 million mostly from retail investors after it announced in late November.
The official launch of the fund marks the first time Perpetual Corporate Trust has been appointed responsible entity to an ETMF.
Perpetual Corporate Trust general manager of managed fund services Andrew Cannane said, "This is the third listed role we have been involved in this calendar year, and while we have worked on numerous listed investment trusts in the past, this will be the first time we act as RE for an exchanged traded managed fund."
"We are seeing a growing trend in managers launching listed products as they are generally easier to distribute to retail clients, are transparent and provide investors with access to established fund managers.
"The rise of ETMFs provides real opportunities for our business, and we look forward to working with the team at Montgomery."