Powered by MOMENTUM MEDIA

Perennial opens IPO for managed fund

By Reporter
 — 1 minute read

Perennial Investment Management has opened its initial offer for an exchange-traded managed fund.

According to a statement by Perennial, the investment manager is seeking to raise funds for its eInvest Income Generator Fund, which aims to deliver “tax-effective income” to investors through monthly distributions.

“The fund aims to provide a gross income yield, adjusted for franking credits” and “a 7.0% annual gross distribution yield (comprising a 5% cash dividend yield, paid in monthly instalments, plus 2% franking credits),” the statement said.

Advertisement
Advertisement

The fund, headed by portfolio manager Stephen Bruce, will invest in “a diversified portfolio of Australian shares” and hold 30-40 Australian companies.

The IPO closing date is Friday, 27 April at 5pm.

Following admittance to trade on the ASX, the units will trade for $4 per unit.

Join the debate to improve the issues that surround affordability and accessibility within the advice industry at ifa’s brand-new event, ifa Future Forum.

Join your peers to uncover game-changing industry solutions to pave the way for solving the problem of accessibility and affordability. Utilise your extensive knowledge to formulate ideas and help futureproof advice. Register your free place now! ifafutureforum.com.au

 

Perennial opens IPO for managed fund
investordaily image
ID logo

 

related articles

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.