The Suncorp Group has offloaded its 53 per cent interest in Hedge Funds Limited (HFL), whileHedge Funds of Australia(HFA) managing director Spencer Young has increased his holding to 25 per cent.
The Suncorp Group says while it has exited its interest in HFL, the manager of the HFA trusts, it will remain supportive of HFA Funds having negotiated a minimum $100 million in capacity for future investment by Suncorp Group-related entities.
The Suncorp Group held a 53 per cent stake in HFL, whichSuncorp Metway Investment Managementpublic affairs manager Chris Cunnington says was no longer a good fit from a management and control perspective.
Cunnington says due to reporting and balance sheet issues, the group prefers to either take a 100 per cent stake in a group or act as a passive investor.
As such the two Suncorp appointed non-executive directors, Suncorp Metway Investment Management general manager Maurice Kluge, and Cunnington, have left the board.
They will be replaced by the former chief investment officer of Rothschild Australia, Jonathon Pain, and partner at corporate adviser Grant Samuel, John Morrison.
HFA has also appointed experienced hedge fund analyst and portfolio manager Peter Coates to its Australian analyst team.
In other news from the group international fund-of-hedge-fund adviser to HFL, Lighthouse Partners, has renewed the term of their management and advisory role for another seven years.
