Geoff Wilson and Pengana's Russel Pillemer square off in private credit stoush
Pillemer says he is shocked at moves by Wilson to block a Pengana LIC from investing in private credit. Wilson says the fund has underperformed for a decade and must improve.
Pengana Capital Group’s chief executive Russel Pillemer is disappointed and confused that Wilson Asset Management (WAM) is looking to overthrow the board of listed investment company (LIC) Pengana International Equities (PIA). WAM says this is naive.
Last week, LIC WAM Strategic Value provided a notice to remove three of PIA's four directors after the fund proposed to change its investment mandate to include private credit.
Pillemer told Capital Brief he was surprised by the move from WAM and they had not spoken directly to Pengana about their grievances.
“From a board perspective, it's disappointing that they've done it … I'm not sure we can make much sense of it. Why would you do that and impact the stock, where you own a lot of the stock, but yet you go and you talk it down,” Pillemer said.
