Pengana promotes acting CIO

James McDonald, who has been a portfolio manager with Pengana Capital for nearly four years, has been promoted to acting chief investments officer following the departure of Jordan Cvetanovski and Steven Glass.

McDonald was the deputy CIO at Hunter Hall from 2011 until that organisation's merger with Pengana in 2017. He started with Hunter Hall as a fund manager in 2003. He previously spent more than six years as an investment analyst with BT Investment Management.

In a statement announcing his appointment, the Pengana board said that McDonald's experience with the funds - including the Pengana International Fund, Ethical Fund, and International Equities Limited - will ensure that there will be no change to the way the portfolios are managed.

"The Board expects to shortly announce the details for permanent arrangements for each of the portfolios," the organisation said in a statement. "Arrangements will include James and his team, in addition to a highly credentialed external investment management team.

"All portfolios will continue to be managed in accordance with their mandates, retaining the focus on ethical and responsible investment management, the generation of consistent long-term returns and downside risk mitigation."

During his time as portfolio manager of the Pengana High Conviction Equities Fund, the fund has generated 18.4% p.a. returns.