MIF shareholders vote against RE removal
MacarthurCook Industrial Fund (MIF) shareholders have voted against the removal of MacarthurCook Funds Management as the responsible entity of the fund that Real Estate Capital Partners (ReCap) attempted to take control of.
However, shareholders at the extraordinary general meeting voted in favour of ReCap's proposal to amend the MIF constitution to remove a $2.6 million reimbursement fee to MacarthurCook should it be replaced as the responsible entity of the fund.
Meanwhile, ReCap chief executive Andrew Saunders vowed to keep the pressure on MacarthurCook to improve the performance of the MIF, which ReCap has a 11.8 per cent share in.
ReCap wants MacarthurCook to manage the fund more actively, explain to shareholders the full extent of the fund's financial position and keep shareholders up-to-date with the fund's activities.
"As a major unit holder, ReCap will continue to ask questions and press for answers about how our fund is being managed," Saunders said.
"I don't think anyone disagrees with the fact that the fund should be doing better, regardless of the current economic climate."
Recommended for you
While crypto continues to gain traction among investors globally, improving accessibility for financial advisers is key to helping them serve the demand from younger clients, but there are some barriers still hindering adoption.
Investment platform Praemium has reported strong 2024–25 financial year results, with large increases across a range of business metrics, which it credits to the firm’s strategy and high-net-worth focus.
Alternative investment manager Regal Partners has set a target of doubling its offshore funds under management within three years amid strong inflows from offshore investors in the first half of 2025.
Fitzpatricks Advice Partners has formed a strategic alliance with two chapters of a global business support and networking organisation, expanding its offering for the firm’s advisers.
