Aurora Funds set to list on ASX
Aurora Funds expects to list on the Australian Securities Exchange (ASX) next week following its successful capital raising.
Aurora Funds will be formed with the merger of Aurora Funds Management, Sandringham Capital and Fortitude Capital. The $2 million capital raising will be used to increase research, product development and distribution, with the aim of growing funds under management and more easily satisfying regulatory capital requirements. The listed company will have over $550 million in funds under management.
Executives of the company will control 70 per cent of the shares, external shareholders in the three present fund managers will hold 20 per cent, and 10 per cent will be owned by shareholders through a public offer.
The company is valued at $19 million, based on the initial public offering share price.
Aurora’s board will comprise Sandringham founder Stuart Roe, who will take on the role of chairman and managing director, Fortitude founder John Corr and Aurora Funds Management founders Alastair Davidson, Richard Matthews and Simon Lindsay.
“We believe that the business model we have developed for the new business will provide the basis for growth as we will target special market niches in our product offerings,” Roe said.
Recommended for you
A former Sydney investment manager has pleaded guilty to two counts of insider trading regarding a potential takeover of Platinum Asset Management, having acquired $2.6 million of Platinum shares.
As the firm enters a new growth phase, Orbis Investments managing director Jason Ciccolallo has said it is looking to strengthen relationships with retail advisers to align with the firm’s institutional reputation.
The former director of United Global Capital has received a decision from the Administrative Review Tribunal regarding an appeal of his 10-year ban from providing financial services.
AMP-owned North has announced a senior manager appointment as the platform explores growth opportunities in its addressable adviser market.
