Principal’s Diversified Real Asset funds currently exceed USD4 billion under management.

Principal Funds has a multi-manager approach, and RARE will join other managers including BlackRock, BNP Paribas, Boston Company, Credit Suisse, Macquarie, Pictet, Principal Global Investors, Symphony, and Tortoise in Principal’s Real Asset suite of managers.

RARE’s Chief Operating Officer Carl McGann said Principal’s selection of RARE to provide specialist global listed infrastructure portfolio management was an endorsement of RARE’s proven expertise in this specialist sector and the firm’s international reputation.

“We are delighted to be working with such a significant and successful manager as Principal,” McGann said.

RARE’s Infrastructure Income Strategy aims to provide risk-adjusted returns to equity with a return bias towards income, by investing in a diverse range of global listed infrastructure securities across a number of infrastructure sub-sectors and across different geographic regions.

“In most major markets, infrastructure is being seen as an increasingly important sector for portfolio construction for both growth and income. At the same time, there is a global focus on the need for both new assets and renewal of existing assets in developed and developing economies alike.

“Growth in developed markets will likely be driven by refurbishing existing infrastructure, while demographic factors such as urbanization and population growth are more likely to drive growth in emerging markets” commented McGann.

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RARE Infrastructure will provide portfolio advisory services by employing the RARE Infrastructure Income Strategy for the Global Utilities and Infrastructure offering. The fund had a very successful initial launch raising over AUD$240m from the initial offering for Taiwanese investors.

RARE Infrastructure Chief Operating Officer, Carl McGann, said: “Markets globally are recognising the benefits of investing in global listed infrastructure as a distinct asset class.

“This arrangement with First SITE eventuated from an existing relationship they had with Legg Mason, our global distribution partner, who highlighted RARE’s global listed infrastructure capabilities.

“First SITE was quick to recognise the attractive risk, return and income characteristics of listed infrastructure for its clients and engaged RARE to provide advisory services to deliver these outcome to their clients. Our role as an adviser will require us to be proactive in providing them with regular and ongoing portfolio and stock advice,” he noted.

The RARE Infrastructure Income Strategy is “an attractive option for Taiwanese investors as it is designed to help meet the income needs of an ageing population and is one of RARE Infrastructure’s three global listed infrastructure strategies that has a proven track record in the Australian market,” noted McGann.

This Strategy invests in assets that have an explicit link to inflation through regulation, concession agreements or contracts as well as exposure to growth-oriented infrastructure assets. It offers investors the additional benefit of inflation-protected capital growth as well as selected and lower risk exposure to Emerging Markets, which offer significant opportunities in the growth of infrastructure investment globally.

“As a pioneer in global listed infrastructure we are excited to provide Taiwanese investors with access to the RARE Infrastructure Income Strategy which has provided our clients with strong income and total returns since inception,” McGann said.

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