Perennial Investment Management has listed an income-focused active ETF on the ASX.
The eInvest Income Generator Fund has been launched on the ASX under the ticker EIGA – the first active ETF launched by Perennial Investment Management.
The fund, which invests in Australian shares and targets a 7 per cent annual gross income yield, started trading on the exchange yesterday.
Perennial managing director John Murray said: "We are excited to see the start of trading in EIGA today. Having had a long-term track record of generating consistent income for our clients based on our established shares for income strategy, we are pleased to offer investors access to it in an ASX-tradeable managed fund."
Lead portfolio manager Stephen Bruce added: "There is a clear need for specialist portfolios focused on generating higher income compared to that available from term deposits and other fixed income investments, which at current levels of interest rates, are simply not meeting investors’ income needs."