Bennelong Long Short Equity Management proposal to combine funds
The Absolute Equity Performance fund (AEG) has received a non-binding proposal from Bennelong Long Short Equity Management (BLESM) to amalgamate the fund and an unlisted managed investment scheme.
In an announcement to the Australian Securities Exchange (ASX) AEG said the scheme was the Bennelong Market Neutral (BMN) fund.
BLESM is the investment manager of both funds.
“BLESM indicates the proposal is designed to eliminate the share price discount due to the difference between AEG’s net tangible asset position and its current share price, and improving liquidity,” the announcement said.
“As part of the proposal, AEG shareholders would receive units in BMN and ultimately AEX would be wound up.
“The proposal would require appropriate AEG shareholder approval and the support of BMN.”
Recommended for you
Two former senior Global X employees have launched their own ETF provider, ETF Shares, focused on offering index ETFs for advisers and retail investors.
With GCQ Funds Management and Lakehouse Capital making their recent ETF debuts, the two fund managers unpack why financial advisers are essential to their respective launches.
ETF provider Global X is set to launch its latest ETF, focused on artificial intelligence infrastructure.
Index provider MSCI has unveiled two measures to make it easier for financial advisers and wealth managers to access transparent insights into private assets.
