New Rivkin crew signs fund manager
Rivkin Financial Services’ (RFS) newly appointed board has moved quickly to impose its plans for the group by allocating $6 million of the firm’s cash reserves to Sydney-based investment manager, FSP Equities Management for an initial two year period.
FSP will invest the Company’s funds in its FSP Equity Leaders’ Fund - a wholesale fund not open to retail investors which is headed up by Ronni Chalmers.
FSP is a licensed fund manager and is a 100 per cent owned subsidiary of FSP Group which has “major beneficial” shareholdings in both Babcock & Brown and Tower Limited.
“The board sees this as an important step in repositioning the company as a credible listed investment company with a coherent and acceptable investment mandate,” RFS said in a statement to the Australian Stock Exchange.
Meanwhile, recently ousted RFS chief executive Andrew Davis has been given one week to appeal yesterday’s Federal Court decision ordering him to pay costs to incumbent chairman Farooq Khan after a bitter legal dispute resulted in all claims and counter claims being quashed by the judiciary last month.
But it appears a settlement figure has not been set, with Khan and his contingent still deliberating on whether to contest their quashed counter-claim which Justice Emmett ordered them to pay costs on.
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