News Round Up

Disclosure regs out this week, Mint's new real estate trust, Pengana fund moves to soft close.

Monday, November 19th 2007, 6:30AM

The much anticipated new disclosure regulation for financial advisers are due to be released this week.

Good Returns will provide you with covearge of the regime once it is released.

Commerce minister Lianne Dalziel has indicated the regulations will come into effect quite soon after being announced and that that advisers won't have a lot of time to prepare for the changes.

Mint's new real estate trust
Mint Asset Management has added a new fund to its portfolio. Its latest offering is called a Real Estate fund and it will invest in property securities listed in Australia and New Zealand.

The fund can hold up to 60% of its assets in Australian companies and can also invest in property related stocks such as ports and airports.

The portfolio manager is Shane Solly, who has run these types of funds previously for ING.

The fund is PIE compliant and aims to generate returns of 3% above the gross return of the 90-day bank bill rate.

Pengana fund moves to soft close

The Pengana Emerging Companies Fund has been moved to a "soft close" to all new investors. The fund will remain open for a limited period of time, but it will almost certainly be closed to all new investors prior to the end of the year.

Existing investors will be able to continue to add to their investment into the fund in perpetuity.

The fund's managers, Steve Black and Ed Prendergast, have made it very clear since inception of the fund that they would not be in a position to manage more than 0.5% of the relevant Australian small cap index. The fund size is now approximately $AUD 500,000 in size, and although below the 0.5% threshold, the managers believe this is an efficient closing point in terms of managing the fund going forward.

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