Pengana divests US division
Pengana Capital Group has announced it has divested its 65% direct equity stake in Lizards Investors, a Chicago-based asset management specialising in global small to mid-cap equities.
The move was a part of a management buyout led by Lizard investment officer and portfolio manager, Jon Moog, and is expected to reduce Pengana’s reported total funds under management (FUM) by approximately $258 million.
In the announcement made to the Australian Securities Exchange (ASX), Pengana said that “following a strategic review it was concluded that Lizard would thrive and be able to attract and retain talent if wholly owned by the management team”.
The divestment would not impact arrangements between Pengana and Lizard regarding the management of the Pengana Global Small Companies Fund, which has been in place for almost eight years.
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