Despite concerns that the popularity of pharmaceutical drug Ozempic is overblown, two fund managers are seeing stock picking opportunities from its success.

Investment executive Richard Lourey, whose experience includes senior roles at JP Morgan, Tyndall AM and Ord Minnett, is set to help lead a new Australian asset management company.

Portfolio manager Jun Bei Liu has offered an optimistic outlook of market conditions, observing how numerous opportunities exist to build a diversified, long-term portfolio against the market’s current ‘tunnel vision’.

Property funds have seen record quarterly outflows in the third quarter of 2023 while investors have demonstrated a bias to Australian equities over global ones, according to Calastone.

Two reports from Betashares and Vanguard have seen renewed investor interest in global equities in ETFs after a period of favour for fixed income products.

Open to wholesale investors, the fund launch is the first in a diverse portfolio of global private credit investments in development by Pengana, with retail offerings to follow.