Aurora spin-off strikes distribution deal
Aurora Funds Management has struck a distribution deal withvan Eyk Researchand White Funds Management (WFM) less than three weeks after launching Aurora Distribution — an initiative to assist fund managers and investment product manufacturers without access to strong distribution channels access retail investors.
The deal will see Aurora assist van Eyk and WFM in distributing Granite Three Pillars — a listed investment company (LIC) scheduled for floating in January.
Prior to listing, Granite aims to raise up to $100 million in retail subscriptions by January 9, 2004 with shares in the company being priced at $1 and with a one-for-one option attached exercisable at the same price any time up to May 19, 2005.
According to recently appointed Aurora Distribution general manager Sandy Morgan, Granite comprises three portfolios and distinctive investment styles - blue chip, growth and special situations - that can be tilted or blended to suit differing market conditions.
“I think this has a lot of appeal for financial planners and their clients. That’s why we wanted to be involved in the distribution of this offer,” Morgan says.
The Aurora subsidiary firm was set up to assist parties wanting to develop their own distribution channels via financial planning, stockbroking and other investment advisory groups towards creating their own retail distribution strategies.
Aurora also recently assisted Rimcorp Property with the $7.51 million retail public offering of its Derrimut Industrial Property Trust.
Aurora’s services include assisting wholesale managers in developing a retail distribution strategy, including the creation of product disclosure statements and the accompanying marketing and sales documentation required to promote investor interest at the retail level.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
