The Sydney-based equity and income fund manager has raised $225 million across its two initial public offerings since November 2013.
PM Capital Asian Opportunities Fund chairman Brett Spork said the listing reflects the growing interest Australian investors have in diversifying offshore and a recognition that Australian stocks which previously exposed investors to the Asian growth story, “may no longer be a viable proxy”.
“Investors are realising that in order to get exposure to Asia, they need to look beyond BHP and Rio, and really exploit where the growth opportunities in the Asian Pacific region will be over the next decade: the 4 billion evolving consumers who are growing in affluence”.
PM Capital chief executive Chris Donohue said there is a “consensus from brokers” that listed investment company (LIC) structures appeal to SMSF investors, “who require greater diversification to offshore equities”.
“While there are numerous competing Australian LICs, the number of globally-focused LICs is minimal, and the timing was ideal with the Australian dollar at elevated levels,” said Mr Donohue.
Mr Donohue added that it has mainly been broking firms such as Ord Minnett, Taylor Collison, CBA Equities and Morgans contributing to the raising of capital rather than advisers.
“While we had almost 500 financial planners across the country attend our roadshow, the vast majority of the capital raised came from the brokers,” he said.
“We expect planners to access the opportunity through their more traditional methods, which is why we have the products available on major platforms like Colonial First State and Macquarie Wrap.”
