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.
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