HFA stoush reaches dead end
After months of dispute, the management agreement between HFA Asset Management (HFAAM) and HFA Accelerator Plus (HAP) has been terminated.
HAP made the announcement, saying the termination was for "breaches of the agreement including the refusal of HFAAM to implement an important corporate governance policy relating to banking".
HFA Holdings, of which HFAAM is a subsidiary, responded by saying HFAAM rejects all claims and allegations made in the announcement by HAP.
HAP says over recent months it has held "numerous discussions with HFAAM concerning a possible termination of the management agreement but was unable to reach a mutually acceptable agreement".
The group says it made an offer of settlement in relation to some outstanding matters "including the disputed management fees" which formed part of an earlier disagreement.
HAP has appointed the Myer Family Office as the provider of its administrative and financial services.
The group has also established a new investment committee and is seeking to remove the letters 'HFA' from its name.
HFA Holdings says assets under management and revenues associated with the HAP management agreement were not material to the HFA Group.
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