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Pengana appoints manager for global equities

Pengana Capital has appointed a US-based fund manager to its global equities assets, after Jordan Cvetanovski and Steven Glass's surprise walkout in March.

Connecticut-based Axiom Investors will manage the two funds: Pengana International Ethical Fund and Pengana International Fund - Ethical Opportunity.

Axiom manages US$19 billion in total assets, including for institutional investors.

The Axiom Global Equity strategy has returned 11.64% p.a. over 10 years, and 17.30% p.a. over three years - better than benchmark.

"We are excited to be able to bring such a high-quality investment product to our Australian investors. We pride ourselves on our track record of partnering with some of the world's leading investment teams, and Axiom fits perfectly into this construct," Penagana Capital Group chief executive Russel Pillemer said.

In March, Jordan Cvetanovski and Steven Glass who co-founded Pengana's international equities business in 2015 left the firm with immediate effect.

At the time, Pengana said it would announce permanent arrangements for the investment management team soon, including the appointment of an external manager.

"Jordan and Steven have no intention to, and will not, disturb existing client relationships of the International Equity Strategy funds. They are confident that with their individual track records of success they will enjoy new opportunities," the two said in a joint statement at the time.

Read more: Jordan CvetanovskiSteven GlassPengana CapitalAxion InvestorsRussel Pillemer