eInvest Income Generator Fund

Perennial Investment Management opened its initial offer for the eInvest Income Generator Fund (ASX:EIGA), an exchange traded managed fund, on March 22, 2018.

The fund will aim to provide investors an attractive, regular, tax-effective income stream. It will target a 7.0% annual pre-tax distribution yield, comprising a 5% cash dividend yield paid in monthly instalments and 2% franking credits.

The fund will be managed by Perennial Value Management and will invest in a diversified portfolio of quality Australian shares, which the management team believes has the ability to pay an attractive level of dividend income and to grow in value over the long-term. The portfolio will typically hold in the range of 30-40 Australian companies.

Perennial is seeking to raise approximately $250 million in seed funds under this initial offer, prior to the units being admitted to trading status on the ASX, at an Issue Price of $4.00 per Unit .

The closing date of the offer is at 5.00pm on 27th April 2018.