Challenger loosens grip on infrastructure fund
Challenger Financial Services Group has sold 39.3 million Class A securities from its Challenger Infrastructure Fund to a UK-based company.
Arkmile, an associate of investment advisory services business Consensus Business Group, will acquire the securities for $3.50 per unit for a total of $138 million.
As a result of the transaction, Challenger will continue to hold 91 million securities in the fund (37.7 per cent of securities on issue), but will no longer consolidate the fund.
Challenger expects the sale to provide a statutory profit before tax of $20 million, subject to the fund’s fair value movements, and approximately $23 million on a historic cost basis.
Recommended for you
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As advisers seek greater insights into FSCP determinations, what are the various options considered by the panel and can a decision be appealed?
Amid the current financial adviser shortage, advice firm Link Wealth is looking to expand its financial literacy program for high school students across the country.
TAL Risk Academy has updated its range of ethics courses to help financial advisers meet their CPD requirements following adviser feedback, including interpreting FSCP determinations.
