Penserra Capital Management LLC

Penserra Capital Management LLC, established in July 2009, specializes in transition management and ETF sub-advisory services. The firm, owned by Dustin Lewellyn, Ernesto Tong, and Penserra Financial Ventures, focuses solely on ETF sub-advising. With a team boasting extensive industry experience, including former Barclays Global Investors professionals, Penserra manages $11.5 billion in assets under management as of December 31, 2024. Clients receive day-to-day portfolio management and support for ETF creation and redemption baskets. Advisory fees are either fixed or based on a percentage of assets, with minimum annual fees ranging from zero to $60,000 per fund. Penserra does not charge performance-based fees and primarily serves institutional clients, not retail investors. The firm's investment strategy emphasizes statistical models for ETF risk evaluation, aiming for low tracking error relative to benchmarks. Penserra's brokerage practices prioritize best execution, with a focus on net price and quality of research and execution services. The firm does not offer directed brokerage and does not generally participate in client-directed brokerage programs. Clients benefit from full discretionary investment authority, with the ability to place reasonable restrictions on investment discretion. Penserra does not handle proxy voting responsibilities and does not maintain custody of client funds or securities.