Australia-based global credit manager, Bentham Asset Management, is to launch a portfolio investment entity (PIE) version of its flagship fund.
Bentham has been popular on the NZ financial advisory circuit over the last few years, accruing more than $126 million in the Kiwi dollar-hedged Global Income Fund – structured as an Australian unit trust.
But a spokesperson for the group said the PIE fund, issued by hosting firm Implemented Investment Solutions (IIS), was designed specifically for NZ advisers and investors.
“We have been managing strategies for New Zealand investors for over 10 years,” the spokesperson said. “Offering tax-efficient PIE funds will enable Bentham to build on the success we have enjoyed in the New Zealand market to date.”
The manager, co-founded by chief investment officer Richard Quin, also sells a NZ-dollar version of its Syndicated Loan Fund, which reported about $46 million under management at the end of this February.
Founded in 1998, Bentham manages more than A$5 billion across its six strategies (plus the two NZ dollar hedged variants).
According to group’s website, Bentham adopts a systematic, relative value approach, investing “in institutional quality asset classes that diversify risk; syndicated loans, high yield bonds, convertible bonds, capital securities, and asset backed securities”.
The Bentham Syndicated Loans and High Yield strategies are “are currently sub-advised by the Credit Investments Group”, a division of Credit Suisse Asset Management. Credit Suisse, of course, is now part of UBS following the Swiss government-enforced takeover earlier this month.
Third-party fund marketing business, The Investment Store, represents Bentham in NZ while the manager uses Fidante Partners as the ‘responsible entity’ in Australia – a function similar to that supplied by IIS for the new PIE.
IIS, due to adopt the FundRock NZ brand next month, now boasts more than 20 fund-hosting clients, most – like Bentham – Australia-based entities.