Investment teams

Absolute Return Asia Pacific Fund and Asia Special Events Fund

  • Team profiles

    Antonio MeroniAntonio Meroni

    Senior Fund Manager

    Antonio is the Senior Fund Manager for the Pengana Absolute Return Asia Pacific Fund, based in Pengana Capital’s Singapore office.

    He has over 24 years’ experience in financial markets, including 14 years in Asian equities and convertible bond markets, having worked in senior positions in Singapore, Tokyo, Zurich, Milan and London.

    Previously, Antonio was a Senior Portfolio Manager at Rubicon Asset Management, where he managed the RHA Asia Special Events Fund.

    He has also held senior portfolio management positions at Credit Suisse, Von Ernst Performa and Antiro Abacus.

    Antonio has a degree in Business from the KV Zurich Business School and is a Chartered Financial Analyst.


    Vikas KumraVikas Kumra

    Fund Manager

    Vikas joined Pengana in September 2008. He is the Fund Manager for the Pengana Absolute Return Asia Pacific Fund and is based in the Singapore office.

    Vikas has over nine years’ experience in the finance industry. Prior to joining Pengana in September 2008, he was an analyst with Credit Suisse HOLT division in Singapore, a proprietary corporate performance and valuation arm of the bank, undertaking fundamental analysis on companies in the Asia-Pacific region.

    Vikas holds a First Class Honours degree in Accountancy from Nanyang Technological University in Singapore and has successfully completed the second level of the Chartered Financial Analyst accreditation.


    Lee AnnLee Ann Lee

    Middle Office Data Analyst

    Lee Ann joined Pengana in August 2012 and brings more than 15 years of experience in fund administration and operations in the financial industry.

    Lee Ann started out on the sell side in fund administration in 1996 with DBS Bank. She later moved to Citibank’s fund administration unit in 2000 and six years later she joined Templeton Asset Management as a buy side fund accountant.

    Most recently, she was with Cavenagh Capital as the operations manager focusing on the fund accounting and the operational aspects of the global macro fund.

    Lee Ann has a Bachelor degree in Fund Administration and is based in Pengana’s Singapore office.


    Jingqing HongJingqing Hong

    Analyst

    Jingqing joined Pengana in July 2014 and is responsible for generating research, building and maintaining valuation models, data analysis and back testing.

    He was previously an Analyst Graduate Trainee at Societe General Corporate and Investment Banking where he worked in cross-asset solutions and global markets sales trading.

    Jingqing holds a Bachelor of Business Administration and a Bachelor of Computing from the University of Singapore and Chartered Financial Analyst (CFA) Level II. He is based in Pengana’s Singapore office.


    Vivien LeeVivien Lee

    Junior Middle Office Support Analyst

    Vivien joined Pengana’s Singapore office 2016. She joined Pengana from Newedge Financial, where she was responsible for performing daily reconciliations and derivative clearing processing. Prior to this, Vivien was an Operations Officer at ABN Amro where she conducted the settlement function for derivatives transactions.

    Vivien has a Bachelor of Science (Hons) degree in Banking and Finance from the Singapore Institute of Management.

Australian Equities Fund and Australian Value Trust

  • Team profiles

    Rhett KesslerRhett Kessler

    Senior Fund Manager

    He is responsible for leading Pengana Capital’s Australian equities team and managing the Pengana Australian Equities Fund.

    Prior to joining Pengana, Rhett was Head of Research for IAG Asset Management (IAGAM) as well as being a joint portfolio manager for various wholesale funds totalling $3.3 billion. In 2005 he successfully launched the IAGAM Absolute Return Fund, on which the Pengana Australian Equity Fund is based.

    Rhett was previously a rated media analyst for UBS Australia, having emigrated from South Africa in 1996, where he successfully managed wholesale and retail equity portfolios as Deputy General of Investment for Liberty Asset Management.

    Rhett holds Bachelor degrees in Commerce and Accounting from the University of Witwatersrand in South Africa. He is also a Chartered Accountant (SA) and a Chartered Financial Analyst.


    Anton Du PreezAnton du Preez

    Fund Manager

    Anton joined Pengana in February 2009. Prior to joining Pengana, he was with Rand Merchant Bank for five years. In this role he managed a proprietary value fund in Australia for two years, and before that a similar RMB fund in South Africa.

    Anton was also a co-principal of a market neutral hedge fund based in South Africa. Previously, he was a director and fund manager at PSG Asset Management, responsible for managing a global equity fund and a rated sell-side analyst with ABM Amro covering industrial and consumer sectors.

    Anton holds Bachelor and Honours degrees in Commerce and Accounting from the University of Stellenbosch and Pretoria in South Africa. He is also a Chartered Accountant (SA), a Chartered Financial Analyst and a Chartered Management Accountant (UK).


    Mark ChristensenMark Christensen

    Fund Manager and Investment Analyst

    Mark is a Fund Manager for the Australian Value Trust, and Investment Analyst for the Australian Equities Fund, having joined Pengana in 2013. Prior to that, he was an equity research analyst at Morgan Stanley from 2004, most recently as Head of Australian Consumer and Gaming research based in Sydney.

    From 2004 to 2011 Mark played a leading role in a top ranked European Consumer Staples team for Morgan Stanley in London. Prior to joining Morgan Stanley, Mark spent five years as a chartered accountant at Price Waterhouse Coopers in Australia, working across Audit, Transaction Services, and Corporate Valuations and Consulting.

    Mark is a Chartered Accountant (CA), and holds a Bachelor of Commerce and Bachelor of Business Management from the University of Queensland. He has also completed a Post Graduate Diploma of Applied Finance and Investment from the Securities Institute of Australia.


    Chris TanChris Tan

    Fund Manager and Investment Analyst

    Chris is a Fund Manager for the Australian Value Trust, and Investment Analyst for the Australian Equities Fund, having joined the Pengana Australian Equities team in September 2015.

    His prior career spans investment banking, trading and investing with senior roles at UBS and Deutsche Bank. Most recently he set up Manikay Partners’ Asia Pacific office where he originated, executed and managed Manikay’s investments in the region.

    His experience incorporates investment analysis, trading and risk management across a variety of asset classes but principally equities, equity-linked securities and derivatives.

    His experience incorporates investment analysis, trading and risk management across a variety of asset classes but principally equities, equity-linked securities and derivatives.


    Jonathan RabinovitzJonathan Rabinovitz

    Investment Analyst

    Jonathan has over 30 years’ experience in the securities industry. He started his career as an equities analyst at Pembroke Securities Limited in 1986 followed by analyst roles at Jardine Fleming Australia Securities Limited and UBS Warburg Limited, where he was a rated analyst for a number of years. At UBS, he moved into research/sales and later specialised in smaller companies at Credit Suisse First Boston Limited and Shaw Stockbroking Limited.

    Jonathan joined Hunter Hall in 2004 as a Portfolio Manager and later as Group Portfolio Manager. He left the company to join Thorney Investments as an Investment Manager in 2009 and returned to Hunter Hall in June 2012 as Deputy Chief Investment Officer, before joining Pengana in 2017.

Emerging Companies Fund

  • Team profiles

    Ed PrendergastEd Prendergast

    Senior Fund Manager

    Ed is the co-manager of the Pengana Emerging Companies Fund, and established the Fund in 2004 with Steve Black.

    Prior to joining Pengana, Ed was a Director of Citigroup, and Head of the Small Companies research team.

    In total, Ed spent 10 years researching small companies for stockbrokers – primarily at Citgroup and ABN Amro, and was the top-ranked analyst by BRW in 2003 and 2004.

    Ed has a Bachelor of Economics from La Trobe University and a Graduate Diploma in Applied Finance (SIA).


    Steve BlackSteve Black

    Senior Fund Manager

    Steve is co-manager of the Pengana Emerging Companies Fund, and established the Fund in 2004 with Ed Prendergast.

    Along with Ed, Steve co-manages the Fund, sharing responsibilities for research, financial modelling, valuation and portfolio construction.

    Steve was formerly a partner of Goldman Sachs JBWere and managed the award-winning JBWere Emerging Leaders Fund for almost seven years, a period over which the Fund delivered an average return of close to 20% p.a.

    The Fund was voted the number one emerging companies fund in Australia in 2000 and 2001 by Personal Investor magazine before being closed to new investments in November 2001.

    Steve holds a Bachelor of Economics/ Commerce from Melbourne University. He is a member of ASIA and CA (Institute of Chartered Accountants).

Global Small Companies Fund

  • Team profile

    Lleah ZellLeah Zell

    Chief Investment Officer, Lizard Investors LLC

    Leah Zell is Chief Investment Officer of Lizard Investors LLC in Chicago and is the manager of the Pengana Global Small Companies Fund.

    Leah is a recognised expert in international investing and is considered to a pioneer in the international small-cap category.

    Prior to establishing Lizard Investors in 2008, she was a Co-Founding Partner and Portfolio Manager at Wanger Asset Management from 1991 to 2005. Leah was the Head of the international equities team, Lead Portfolio Manager of the Acorn International Fund; and Portfolio Manager of the Wanger European Smaller Companies Fund.

    The Fund was voted the number one emerging companies fund in Australia in 2000 and 2001 by Personal Investor magazine before being closed to new investments in November 2001.


    Jon MoogJon Moog

    Portfolio Manager

    Jon is Portfolio Manager of Lizard Investors LLC in Chicago, having joined the group in 2008. He is the Portfolio Manager for the Pengana Global Small Companies Fund.

    Jon is a principal on the investment team, sharing responsibility for global stock selection and risk management for the portfolio.

    Prior to joining Lizard, Jon was a senior analyst at Brightpoint Capital, a long-short hedge fund managed by H.I.G.

    From 2005 to 2006, he served as a private equity due diligence consultant at Investor Group Services. Jon started his career in 2000 as an equity research associate at Loomis, Sayles & Co.

    Jon received a Bachelor of Science degree in finance and computer science from Providence College, Rhode Island and earned an MBA, with high honours from the University of Chicago, with a concentration in finance, accounting and strategy. He has is also a Chartered Financial Analyst.


    David LiDavid Li

    Portfolio Manager

    David joined Lizard Investors LLC in Chicago in 2008.

    From 2003 to 2008 he was a Long/Short Analyst at Porter Orlin LLC (now known as Amici Capital). Primarily David’s time was dedicated to researching U.S. companies, but he also spent some time on China, Korea and Taiwan, focusing on TMT, industrials and business services.

    Prior to Porter Orlin, he was an Investment Banking Analyst at Bear, Stearns & Co. He served as an Analyst Intern concentrating on proprietary trading, investment banking and leveraged finance with Credit Suisse First Boston/Citigroup from 1998 to 2001.

    David earned his BA in Mathematics and Physics from Cornell University in New York and is fluent in Mandarin Chinese.


    Mickey RyanMichael Ryan

    Research Analyst

    Michael joined Lizard Investors LLC in Chicago 2015. Before joining Lizard, Michael served as an analyst at Manulife Asset Management, covering U.S. Equities and Structured Products.

    Prior to his time at Manulife, he was a private equity research analyst at Sports Investment Partners in a summer intern program.

    Michael earned his BSBA from Boston University, concentrating in Finance and Accounting with a minor in History.


    Tam PhanTam Phan

    Research Analyst

    Tam joined Lizard Investors in July 2017. Prior to that, he served as a Senior Investment Performance Analyst at the Northern Trust Co. between 2010 and 2015. In that capacity, he audited investment data and conducted manager due diligence on behalf of institutional clients.

    Tam interned at Caro-Kann Capital, an event-driven fund based in San Francisco, in the summer of 2016.

    He holds an M.B.A. from the University of Chicago Booth School Of Business and a BA in Accounting and Finance magna cum laude from Loyola University. He obtained his CFA designation in 2016 and is a Registered CPA.

International Equities Funds

  • Team profiles

    Jordan CvetJordan Cvetanovski

    Chief Investment Officer and Portfolio Manager

    Jordan is the Chief Investment Officer and Portfolio Manager of the Pengana International Equities Fund, the Value Growth Trust, Global Equities Trust and the listed investment company Global Value Ltd. He has over 15 years' experience as a portfolio manager and analyst.

    Prior to joining Pengana, Jordan was a Partner and Portfolio Manager at Carmignac Gestion in Paris for seven years. At Carmignac he managed three international funds (European and Emerging Markets) and was a member of the International Fund investment team. The Pengana International Equities Fund process is an evolution of the process employed in the funds managed by Jordan at Carmignac.

    During his time at Carmignac, the firm grew from €3bn to €55bn, with FUM in European and emerging market funds growing from €50m to over €2bn. The European funds were highly ranked throughout the GFC in 2008 and 2009 and longer term. They received high ratings from research houses (eg. Morningstar) and Jordan attained a AAA and AA rating from Citiwire. Prior to Carmignac, Jordan was a co-fund manager at Robeco (Netherlands), and an international equities analyst at Platinum Asset Management and BT Funds Management.

    Jordan holds a Bachelor of Engineering (Hons) and a Bachelor of Economics (Hons) from the Australian National University.


    Steven GlassSteven Glass

    Head of Research and Portfolio Manager

    Steven is Head of Research and Portfolio Manager of the Pengana International Equities Fund, the Value Growth Trust, Global Equities Trust and the listed investment company Global Value Ltd. He has over 15 years’ experience as a portfolio manager and equities analyst.

    Prior to joining Pengana, Steven spent seven years at Hunter Hall International as an investment analyst and portfolio manager. He previously worked as an equities analyst at Tricom Securities and as an investment analyst at Platinum Funds Management.

    Steven was awarded a Co-op scholarship at the University of New South Wales, where he graduated with a Bachelor of Commerce (Merit), majoring in Accounting and Finance, and a Masters of Commerce, majoring in Advanced Finance.

    He has completed the Chartered Financial Analyst Program and has been awarded the CFA Charter.


    James McDonaldJames McDonald

    Portfolio Manager

    James is a Portfolio Manager in the Pengana International Equities team.

    James previously served as the Executive Director of the international subsidiary Hunter Hall International (UK) Limited and Deputy Chief Investment Officer and Senior Portfolio Manager of Hunter Hall Investment Management Limited.

    Between 2003 and 2015, James was based in Hunter Hall’s London office, focusing on the European, American and Japanese markets. As Deputy Chief Investment Officer, he contributed to asset mix, capital allocation, team management and team selection decisions.

    James has 18 years of industry experience, including six years at BT Funds Management in the positions of Japanese Electronics Analyst and US Telecoms, Telecoms Equipment and Data Networking Analyst. He holds a BComm LLB from the University of Queensland.


    Ronald YuRonald Yu

    Equity Analyst

    Ronald is an Equity Analyst in the Pengana International Equities investment team and has over five years’ experience in international equities research.

    Prior to joining Pengana, he worked at Morphic Asset Management as an Investment Analyst in the Morphic Global Opportunities Fund investment team.

    He previously worked as an Equities Analyst at a boutique long/short fund.

    Ronald graduated with a combined Bachelor of Commerce and Bachelor of Laws degree from the University of New South Wales. He has completed the Chartered Financial Analyst (CFA) Program and has been awarded the CFA Charter.


    Tim BlakeTim Blake

    Equity Analyst

    Tim is an Equity Analyst within the Pengana International Equities team, and has over 14 years of experience in the funds management industry.

    Prior to Pengana, Tim held analyst roles at Hunter Hall, Five Oceans Asset Management, Macquarie Group, Man Investments and Goldman Sachs Asset Management.

    Tim's key areas of expertise are the global consumer and industrial sectors.

    He holds a Bachelor of Business (Hons) from the University of Technology, Sydney and a Bachelor of Commerce from the University of Sydney and is a Chartered Financial Analyst.


    Ryan FisherRyan Fisher

    Equity Analyst

    Ryan is an Equity Analyst in the Pengana International Equities Fund investment team and has over 20 years’ experience in equities research.

    Prior to joining Pengana, Ryan spent 16 years at Goldman Sachs within the Global Investment Research division, where he was a highly-rated sell-side analyst specialising in Financials.

    Prior to Goldman Sachs, Ryan worked as an Equity Analyst at Credit Suisse and ANZ Securities. Prior to that, he was employed in a range of actuarial roles with the Lend Lease/MLC Group.

    Ryan graduated with a Masters of Economics from Macquarie University in 1993 and completed his actuarial professional qualifications (FIAA) in 1994.

PanAgora Absolute Return Global Equities Fund

  • Team profiles

    George MussalliGeorge Mussalli

    Chief Investment Officer and Head of Research, Equity

    George Mussalli is Chief Investment Officer and Head of Research, Equity, for PanAgora Asset Management in Boston. He is the Portfolio Manager for the Pengana PanAgora Absolute Return Global Equities Fund.

    George is responsible for oversight of PanAgora’s dynamic, stock selector and diversified arbitrage strategies, as well as the equity team’s data infrastructure, portfolio construction and trading teams.

    Previously George served as Head of PanAgora’s stock selector strategies and significantly contributed to the proprietary pool of equity research leveraged across the entire firm during his tenure. The research also led to the founding of the firm’s Diversified Arbitrage hedge fund strategy in 2010.

    Prior to joining PanAgora, he was a Portfolio Manager on the Putnam Investments Structured Equity team and worked as a Senior Investment Analyst at John Hancock Funds.

    George holds a Bachelor of Science from Tufts University in Massachusetts, an MBA from the Massachusetts Institute of Technology and is a CFA Charterholder.


    Richard TanRichard Tan

    Director, Equity

    Richard Tan is a Director at PanAgora Asset Management in Boston and leads the Stock Selector Equity Team. He is the Portfolio Manager for the Pengana PanAgora Absolute Return Global Equities Fund.

    Richard’s primary responsibilities include oversight and management of the team, conducting research to uncover new alpha sources, building quantitative stock selection models, and managing portfolios within the stock selector equity strategies. He is also a member of the PanAgora’s operating and Directors Committees.

    Prior to joining PanAgora, Richard worked as an analyst for Wellington Management, where he contributed to efforts on investment and qualitative research processes.

    Before joining Wellington, Richard worked in various roles for Fidelity Investments and Accenture. He also co-founded an investment website during the late dot-com era.

    Richard is a CFA charterholder.

WHEB Sustainable Impact Fund

  • Team profiles

    George athamGeorge Latham

    Managing Partner and Chief Investment Officer

    George is responsible for management of WHEB's Listed Equity business and the Pengana WHEB Sustainable Impact Fund. As CIO he is responsible for overseeing the investment process and chairing the Investment and Risk Committee. He also plays an active role in business development and oversees institutional client relationships.

    Prior to joining WHEB, George led the award-winning SRI team at Henderson Global Investors. During his fifteen years managing UK and pan-European equity and managed funds, George has been awarded 'A' and 'AA' Citywire ratings, nominated for Investment Week’s Fund Manager of the year and named in Citywire’s top 100 managers in the UK. He was also responsible for designing and launching Threadneedle Asset Management’s sustainable and responsible investment strategy.

    George has a degree in Geography from Oxford University, and served as a British Army Infantry Officer, and holds UKSIP qualifications.


    Seb BelowSeb Beloe

    Partner, Head of Research

    Seb is Head of Research and leads the integration of sustainability analysis within the investment process of the Pengana WHEB Sustainable Impact Fund, as well as overseeing engagement activities.

    Previously, Seb was Head of SRI Research at Henderson Global Investors where he led on the identification and analysis of sustainability themes and company-level corporate responsibility analysis. Prior to Henderson, Seb was the Vice President of Research and Advocacy at SustainAbility. He has published several reports on sustainable business, and has been a member of numerous corporate advisory boards and awards panels.

    Seb has two degrees in environmental science and technology, from the University of East Anglia and Imperial College in the UK and is a Chartered Environmentalist.


    Ted FranksTed Franks

    Partner, Fund Manager

    Ted is the Fund Manager for the Pengana WHEB Sustainable Impact Fund and helped to found WHEB Asset Management in 2009.

    Before joining WHEB, Ted was a sector specialist in the renewable energy and utilities sectors at Dresdner Kleinwort and KPMG. Over seven years Ted advised on projects involving over €15bn of investment. Amongst numerous renewables transactions and engagements, Ted advised both of the two largest European renewable energy generators on their European expansion strategy, and on one of the most successful ever disposals of a UK water utility.

    Ted is a Chartered Financial Analyst and a Chartered Accountant, and won the Helen Somerville Prize during qualification. Ted has a degree in Philosophy and Economics from Bristol University and a Postgraduate Diploma in Law from Bristol Legal Institute.


    Ty LeeTy Lee

    Associate Fund Manager

    Ty is the Associate Fund Manager for the Pengana WHEB Sustainable Impact Fund and works closely with the rest of the team to generate investment ideas, research opportunities and make stock recommendations based on in-depth analysis of companies and markets.

    Prior to joining WHEB, Ty completed an MSc in Finance from London Business School. Before that, he worked as a Senior Associate at UOB Asia in Hong Kong, and prior to that he worked at Morgan Stanley and Accenture.

    Ty is a CFA Charterholder and has double degrees in Business Administration (Information Systems) and Software Engineering from the University of Hong Kong.


    Ben KluftingerBen Kluftinger

    Senior Analyst

    Ben joined the WHEB Asset Management team in November 2015 and is a Senior Analyst for the Pengana WHEB Sustainable Impact Fund.

    Prior to joining WHEB, Ben worked at both Macquarie Equity Research and Citigroup Equity Research in Senior Analyst roles covering German Small-Midcap stocks and as a Renewable Energy specialist. Ben is a CFA Charterholder and has a Ph.D. in Physics from Imperial College, London.