Pengana was founded by Russel Pillemer (Chief Executive Officer) and Malcolm Turnbull (Chairman) in 2003. Recognising the wide sense of investor frustration with the fixation of the funds management industry on short term index relative returns, Pengana was established with the goal of providing investors with strong long term absolute returns and reduced risk. From its inception, Pengana has strived to deliver superior funds management strategies by partnering with exceptional funds management teams. Utilising its unique structure, Pengana has delivered to its investors, long term returns that are amongst the best in their fields. A distinguishing hallmark of Pengana has been the recognition that, in order to maintain long term investment performance, it is necessary for each of its strategies to be managed within conservative size limits. Over its history, the Company has steadfastly maintained its adherence to this belief which has been a major contributor to its success. In 2008, National Australia Bank acquired a significant minority interest in Pengana from the Turnbull family and other shareholders. Today, Pengana has in excess of 50 partners and employees, with operations in Sydney, Melbourne and Singapore.