EB&B sheds $41.2 million
The Everest Babcock & Brown (EB&B) Alternative Investment Trust has reported a net loss of $41.2 million for the half year ended June 30, 2008, as the group’s share price took a turn for the worse.
EB&B chief executive Jeremy Reid called the result “disappointing”, but said that over the past six months the group has worked to “de-risk” the portfolio by reducing leverage and favouring more conservative investment strategies and managers.
Steve McKenna, EB&B’s head of absolute return funds said the investment portfolio’s largest allocation during the year was to multi-strategy investment managers, while its second largest allocation was to long-short equity strategies.
The report made to the Australian Securities Exchange shows that at June 30, 2008, the trust’s second largest holding was in cash.
The group will make distributions of 6.5 cents per unit for the period to June 30, 2008.
This year’s results compare to a net profit of $43.5 million for the half year to June 30, 2007.
The group’s leverage facilities are due to be refinanced in May 2010.
Recommended for you
Stakeholders in the professional year discussion underscore the challenges in the current pipeline and what is holding back licensees from taking on new candidates.
Colonial First State has partnered with JP Morgan Asset Management to make its inaugural private equity allocation, continuing the firm’s expansion into unlisted asset classes.
Two law firms have highlighted licensees’ responsibility to ensure they have sufficient cyber security measures in light of the enforcement action against Fortnum Private Wealth.
A former director has pleaded guilty to providing financial product advice without holding an AFSL which saw almost $2 million transferred to him.
