Strong take-up for PM Capital fund listing
Sydney-based fund manager PM CAPITAL has announced this week that the proposed Australian Securities Exchange (ASX) listing of its Global Opportunities Fund has exceeded its minimum target of $50 million following a national roadshow process.
PM Capital chief executive Chris Donohoe said the fund prospectus had been lodged less than two weeks ago but that the arranger, Ord Minnett, and joint lead managers Morgans, Taylor Collison and Bell Potter, had confirmed exceptionally strong demand for the global equity IPO.
"We have received firm broker bids in excess of $160 million, predominately from high net worth investors," he said.
The general offer was scheduled to open last Tuesday and closes on the 29 November, with shares due to begin trading on 12 December.
The company's proposed investment mandate has been based on the guidelines of the PM CAPITAL Absolute Performance Fund (APF), which has achieved a total return of 196.8 per cent since its inception in October 1998.
Recommended for you
ASIC commissioner Alan Kirkland has detailed the regulator’s intentions to conduct surveillance on licensees and advisers who are recommending managed accounts, noting a review is “warranted and timely” given the sector’s growth.
AMP and HUB24 have shared the areas where they are seeking future adviser growth, with HUB24 targeting adding more than 2,000 advisers to the platform.
Bravura Solutions has appointed a new chair and deputy chair to take over from departing Matthew Quinn, while Shezad Okhai picks up another responsibility.
Two advisers say M&A is becoming a “contact sport” as competition heats up to acquire attractive advice firms, while a lack of new entrants creates roadblocks in organic growth opportunities.
