IML looks to raise $200 for new listed investment company

Investors Mutual will seek to raise up to $200 million in funds for its new listed investment company QV Equities Limited (QVE) which is being launched today. 

Investors Mutual founder and Investment Director Anton Tagliaferro said QVE would be aimed at self-managed superannuation funds and high net worth investors and focus on 20 to 50 stocks of companies with a market cap of at least $200 million that fall within the ASX 300 but are outside the top 20 stocks within that index. 

QVE would be managed by Investors Mutual and access its investment and research capabilities and would be governed by a six member board with three independent members and chaired by Don Stammer. 

Tagliaferro said QVE would adopt a fee structure that scales downwards as the company grows with investors paying 0.90 per cent per annum plus GST of the net asset value of the portfolio up to $150 million and 0.75 per cent per annum plus GST of the net asset value of the portfolio above $150 million. As a result of this arrangement QVE will not charge performance fees to investors. 

He said the move to a listed investment company follows a growing trend to direct equities among some investors with QVE also being pitched to investors using exchange traded and index tracking funds. 

Tagliaferro said the establishment of QVE had been well received from advisers, accountants and individual investors who were seeking investment vehicles to access stocks beyond the top 20 blue chip stocks where they could access more diversity and opportunity for investments. 

The offer period for QVE will run from 14 July to 8 August with a raising target set of between $100 to $200 million with fully paid ordinary shares valued at $1 per share with one free option exercisable at $1.00 per share, exercisable on or before 15 March 2016.