Independent board for Adelaide Managed Funds
Adelaide Bank has established an independent board of directors and appointed a new executive for Adelaide Managed Funds as part of an ongoing strategy to diversify the earnings base of its subsidiary.
The bank also plans to list its AMF Asset Backed Yield Trust on the Australian Stock Exchange at the end of July to raise $300 million in two instalments.
Group managing director and chief executive officer Barry Fitzpatrick, who has been appointed as a director on the new AMF board, announced the strategic initiatives.
Current Adelaide Bank director Steve Crane has been appointed chairman and Adelaide Bank chief general manager, financial markets, Anthony Baum chief executive officer.
Also on the board will be the bank’s current chairperson, Adele Lloyd, chief operating officer Jamie McPhee and two independent directors the bank will name shortly.
Fitzpatrick said the trust will invest in high-yielding asset backed securities, providing retail access to an investment class “typically only available to institutions and those seeking high yield and security”.
He said the trust, which will offer eligible retail and institutional investors a high floating rate yield, is part of a strategy to “diversify bank operations and growth by leveraging its wholesale banking and securitisation skill sets”.
“Margin lending, portfolio funding and, now, AMF are all examples of businesses that were not offered by Adelaide Bank up to six years ago, but are now important to our future growth.”
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