AXA to list property fund
Mark Dutton
Big financial services house AXA intends to list its AXA Wholesale Australia Property Fund on the Australian Securities Exchange (ASX) at the end of the year.
The company announced its intention to the ASX late yesterday and said that until listing, the fund and the Australian Property Fund, which solely invests in the fund, would cease taking any additional investments and would suspend withdrawals, although quarterly income distributions would continue.
According to AXA Australia chief investment officer Mark Dutton, the listing will create the only un-geared, pure Australasian property fund that is expected to be in the ASX 200.
“In the context of the current market volatility, we see challenges ahead for the property sector which could be detrimental to our unit-holders,” Dutton said. “In particular, pressure on liquidity may force decisions in the short-term that are against the long-term interests of the fund.”
He said AXA believed the decision to float the fund would address these challenges.
AUTHOR
Mike Taylor
Recommended for you
Janus Henderson is actively seeking to partner with private wealth firms in Australia as it looks to expand its number of strategic partnerships, as well as focus on retirement income product development.
Global investment manager First Sentier Investors has launched an umbrella brand to provide greater clarity around its shift to a multi-affiliate asset manager encompassing six investment teams.
Janus Henderson has seen intermediary outflows in the second quarter of US$1.2 billion, although its deal with insurer Guardian means overall net flows are US$46.7 billion.
Infrastructure assets are well-positioned to hedge against global uncertainty and can enhance the diversification of traditional portfolios with their evergreen characteristics, an investment chief believes.
