Pengana has secured the backing of a major Aussie bank.
Investment manager Pengana has partnered with the National Australia Bank (NAB) as the firm plans to expand its business.
Under the agreement, NAB's funds management business nabInvest will take a stake in the business. Pengana, however, will still be majority owned.
nabInvest had approached Pengana with the prospect of investing in the business.
"We had plans to grow the business. We now have the capital and the backing of a large institution behind us. We saw the deal as a good opportunity for us," Pengana chief executive Russell Pillemer said.
The firm plans to launch three Asian funds into the market and has already secured "well credentialed managers" in the region to run the strategies.
Pengana is also looking at developing some of its specialist Australian equity funds.
"Our products are very niche. We will continue to focus on developing specialist strategies," Pillemer said.
Pillemer said that while the partnership will provide Pengana with access to NAB's financial planners, "the product must be suited to the bank's clients."
To date, Pengana manages 10 funds and $2 billion in funds under management.
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