PacWealth Capital (PacWealth) has won a $1.1 billion mandate to manage assets on behalf of the National Superannuation Fund (NASFUND) in Papua New Guinea (PNG).
NASFUND was the first approved superannuation fund licensed by the Central Bank for private sector workers in PNG following the systems collapse in 2000.
Port-Moresby based chief executive of PacWealth Ian Jenkins said the mandate was proof of the evolution of financial services in PNG driven by wealth creation in a number of industries, including mining.
"PacWealth Capital is committed to this market over the long-term," Jenkins said.
PacWealth has been building a presence in PNG for over 35 years, which director Justin Webb says is a result of investing in the area and creating strong local ties.
With headquarters in Port Moresby, PacWealth manage PNG domestic equities, fixed income and property, and draw on a wealth of experience in the Asia-Pacific through a partnership with Australian-based Ascalon Capital Managers (Ascalon).
Chief executive of Ascalon Andrew Landman said Ascalon had given advisory assistance to PacWealth for 12 months prior to the mandate, leveraging strong operational and governmental assistance to secure the deal.