Pereira exits as fund closes down
|
|
The founder and chief executive of the India Equities Fund, John Pereira, has departed the company as part of the arrangements flowing from a shareholder vote to dispose of the company and return capital to shareholders.
The company said that following the vote, it had issued instructions for the sale of all of the listed equity securities held in India and would transfer the proceeds back to Australia to be held on deposit until required to fund the return of capital. It said that a meeting of the board following the shareholder vote had agreed that as part of the winding down of operations, Pereira would leave the company immediately “by mutual agreement”, along with fund analyst Nick Stitt, with other positions becoming redundant as and when they were no longer necessary.
The company’s chairman, Don Christie, thanked Pereira for “his vision and his hard work in establishing and managing the company and then for recognising that the best interests of shareholders lay in promoting a substantial return of capital that would necessarily result in the winding down the of company’s operations”.
Christie replaces Pereira and will perform the duties of interim chief executive.
AUTHOR
Mike Taylor
Recommended for you
As private markets garner mainstream attention, a panel of experts believe access to the asset class through managed accounts will become more widely available, providing opportunities for advisers to diversify portfolios.
While retail investors turned to blue-chip stocks last month, according to AUSIEX trading data, September saw advised investors switch into ETFs.
With the intergenerational wealth transfer underway in Australia, wealth managers are focusing on how they can attract the next generation of advisers to service these younger clients.
ASIC wants to expand proceedings against Equity Trustees to seek compensation for members following Macquarie’s agreement to pay $321 million over Shield failings.
