Pengana Capital Group launches new fintech TermPlus
Pengana Capital Group has introduced a first in the Australian financial services landscape, an online term account solution underpinned by a diversified portfolio of highly rated global private credit, TermPlus.
TermPlus has been designed with everyday Australians in mind, and aims to deliver reliable income via floating-rate term accounts, with a minimum investment of $2,000. Pengana believes TermPlus is poised to attract significant interest from both retail and institutional investors.
TermPlus target rates are calculated as a fixed spread above the RBA Cash Rate. Investors have the choice to receive monthly income paid directly to their bank account, or may elect to reinvest the income for compounding returns.
TermPlus accounts also have three distinct built-in layers of protection, underpinned by a ‘Support Account’ investment from the company itself, with the objective of offering stability of capital, reliability of income, and customer confidence.
This new offering is set to redefine how everyday Australians think about putting their savings to work, according to Dean Weinbren, Managing Executive of TermPlus. “TermPlus unlocks the world of global private credit to deliver highly attractive target rates for all Aussies, via a modern and user-friendly digital platform that allows investors to open a term account within minutes.
“TermPlus caters to an extensive list of investor types, including personal accounts, joint accounts, child accounts, SMSFs, companies, and unregulated trusts.
“Historically, term accounts have been backed by the Australian credit market. TermPlus breaks this mould by tapping into the world of global private credit to deliver its attractive target rates.
“We are excited to take an asset class which is in high demand yet difficult to access, and make it available to anyone who is looking to have their savings work for them.
“The TermPlus platform itself is totally unique, and offers investors a great range of account features.”
Russel Pillemer, CEO of the Pengana Capital Group, said Pengana’s strategic relationship with Mercer has allowed the group to provide its investors with unprecedented access to this asset class. “TermPlus is a long-overdue offering for Australian savers looking for great target rates from their online term accounts.
“With TermPlus, Pengana has successfully innovated to democratise a new category of highly sought after, typically inaccessible, investment opportunities for income investors. This is further delivered through an easy-to-use product supported by a hugely sophisticated engine and technology platform.”
TermPlus is the third product to market from the newly formed Pengana Credit division, led by Nehemiah Richardson. Richardson comes with a wealth of expertise having previously held leadership roles at J.P. Morgan, Merrill Lynch, National Australia Bank, Telstra, and Latitude Financial.
Pengana Credit’s first product launch came in October 2023 via a diversified wholesale private credit fund, followed by the successful IPO of the Pengana Global Private Credit Trust, which will list on the ASX in late June 2024 under the ticker PCX. All three products leverage off Pengana’s global private credit master trust managed by Pengana in association with Mercer as the investment consultant across the portfolio.
