Watermark Funds Management completes global equities exit
The January announcement by hedge fund manager Watermark Funds Management to withdraw from global equities had its corollary on the Australian Securities Exchange (ASX) with the company announcing schemes of arrangement covering the Watermark Global Leaders Fund and the Watermark Market Neutral Fund.
The manager announced that the it was applying for the removal of the two vehicles from the official list of the ASX at the close of trading yesterday with shareholders in the two products receiving units in the Watermark Absolute Return Fund.
The move also saw the resignations of directors Matthew Kidman, John Abernethy, Stephen Van Eyk and Robert Ferguson.
Watermark announced in January that it intended to restructure its investment team to focus exclusively on Australian equities.
Recommended for you
Clime Investment Management has sold a portion of its retail client book to an external financial planning practice for $1.6 million in its latest cost-out move.
In his inaugural address as L1 Group chief executive, Julian Russell has outlined his vision and priorities for the newly-merged $16.7 billion business but warned fund outflows will continue for 18 months.
Ten Cap has announced it will launch its first active ETF on the ASX later this month, expanding retail access to its flagship Australian equities strategy.
Flows into cash and fixed income ETFs rose by 46 per cent in October with investors particularly demonstrating a preference for Australian credit ETFs as they move away from AT1 bank hybrids.
