Pengana Capital has appointed Deutsche Bank’s former head of real estate investment banking to a newly-created role sitting between its property teams in Sydney and London.
Tim Shaw started at Pengana last Monday, co-ordinating research and operations between global head of property Stuart Stuckey’s London team, and the Sydney team overseen by Mark Thorpe-Apps. The creation of Shaw’s role recognised the globalisation of the listed property asset class, where half of Australian LPTs’ assets are now outside the country, according to Pengana institutional business consultant Denis Carroll. Pengana manages almost $870 million in an Australian LPT fund and $70 million in a global long/short LPT fund. Carroll said Pengana held “;market weights”; in the devastated Centro LPTs but would “;wait and see’ before deciding whether to crystallise losses from those holdings.
18/12/2007
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Alternatives
The chief investment officer of the $150 billion industry super fund says that Hostplus’ portfolio will weather the ongoing downturn in software companies and that moves by a number of large private credit managers to gate their funds are a result of the asset class being offered to retail investors who should not have assumed the funds would be liquid enough to get money out when everybody else is trying to do the same.
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