Treasury Group to raise $75 million more ahead of launch
Treasury Groupis looking to raise an additional $75 million prior to next Thursday’s listing of its new boutique Australian equities fund-of-funds company - Premium Investors - after meeting its initial $100 million target.
The group issued a supplementary prospectus last week after higher than expected interest in the new venture prior to its initial public offering on November 27 led to it quickly reaching its target.
“There’s been very strong interest across a broad range of financial planning practices and brokerage firms and therefore a supplementary prospectus was released about a week ago,” Treasury Group manager strategic investments David Cooper says.
Premium, which aims to return 3 to 4 per cent above the cash rate according to Cooper, will invest through four underlying asset managers.
The underlying managers - all Australian equities managers - areInvestors Mutual,Orion Asset Management, Confluence Asset Management and Armytage Private Limited and all have stakes held in them by Treasury Group.
Cooper says the group, once the venture kicks off, will assess on an ongoing basis whether any additional managers will be added to the line-up.
The group says the fund-of-funds approach is to enable investors to take advantage of the “burgeoning boutique sector of the Australian funds management industry”.
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