Pengana Capital Group has acquired a minority stake in boutique credit fund manager Global Credit Investments.
According to a statement by Pengana, Global Credit Investments (GCI) provides investors with “diverse, structurally protected and high-yielding short-term credit investments”.
The credit fund manager sources credit assets from non-bank lenders such as fintech firms, the statement said.
Pengana chief executive Russel Pillemer said investors and advisers were looking for yield in the “current interest rate environment”.
“The GCI proposition provides a great risk/return profile for yield seeking investors and we’re delighted to partner with such a high-calibre team,” he said.
GCI co-founder Steven Sher added that the firm was pleased at gaining Pengana as a new shareholder.
“We have a growing universe of high quality investment opportunities and having the experience, financial backing and distribution of Pengana will allow GCI to provide larger funding lines to our existing and new originators of credit.”
New data has shown Westpac has the largest proportion of high-net-worth individuals (HNWs) out of the four major banks, with 35.6 per cent o...
Westpac can’t pretend this is business as usual. ...
NAB has settled a class action brought against it for its consumer credit insurance sales, agreeing to cough up $49.5 million. ...