A Big Year For Listed Managed Investments
2017 was an exceptional year for new listed investment company (LIC) and listed investment trust (LIT) raisings, with 14 new entities raising a total of $4.2bn via initial public offers.
This significantly exceeded the funds raised by new LIC/LIT offers in the previous two years and lifted the total number of LICs & LITs on the ASX to 105 by the end of November 2017, for a total market capitalisation of $38.2bn. Three entities accounted for $2.6bn of the funds raised in 2017 with Magellan Global Trust (ASX:MGG) raising over $1.5bn, VGI Partners Global Investments (ASX:VG1) $550m and MCP Master Income Trust (ASX:MXT) $516m.
Peter Rae joined Independent Investment Research as a supervisory analyst covering listed managed investments in March 2016. Peter has 35 years' experience in the banking and finance industry, including 15 years as an equities analyst.
Peter was a sector head in the equities research team at Morningstar with a focus on consumer and industrial companies. Peter joined Aegis Equities Research, subsequently acquired by Morningstar, a leading global provider of independent investment research, in 1999. At Aegis, he held a number of positions including Team Leader, Financial Services and Head of Equities.
Before joining Aegis, Peter had an extensive career in the banking industry working in various treasury and balance sheet management roles at St.George Bank, National Australia Bank and Advance Bank. Peter is a Fellow of FINSIA.