WAM Microcap’s IPO opens
Wilson Asset Management’s (WAM)’s Microcap Limited’s initial public offering (IPO) opened today, launching its $154 million capital raising.
WAM Microcap would offer shareholders risk-adjusted returns derived from a portfolio of undervalued growth companies listed on the Australian Stock Exchange (ASX) with a market capitalisation of less than $300 million.
WAM’s chairman, Geoff Wilson, said: “We have a strong record of identifying micro-cap companies, delivered over almost 20 years”.
“It is extremely important that the investment team continues to identify undervalued micro-cap companies that demonstrate significant growth potential.
“WAM Microcap will provide the investment team with the optimal structure to continue this rigorous and disciplined process.”
Recommended for you
Almost 70 per cent of asset managers are planning to control costs via product rationalisation, according to a global survey by Northern Trust, as they seek to offer clients a best-in-class experience.
Fund managers should work collaboratively with data providers to minimise greenwashing risks in their products as a positive ESG score can be a “gamechanger” for a fund’s demand with advisers.
Asset manager Janus Henderson has made two acquisitions in the ETFs and emerging markets space as it takes strategic steps to meet client needs.
Self-reporting issues to ASIC could lead to a reduced charge for a fund manager but it may not exempt them from enforcement action altogether, according to ASIC chair Joe Longo.