Aurora wins against Primary in court
The NSW Supreme Court has delivered its verdict which states that Aurora Funds Management was not properly removed as the responsible entity (RE) of the Aurora Absolute Return fund (ABW) and, following this, Primary Securities was not properly appointed as the fund’s RE.
The proceedings were commenced by Aurora in order to resolve the confusion as to the identity of the RE of the fund, caused by the conduct of Primary Securities which held the purported meeting earlier this year.
Among the reasons, Justice Rees said that the members who purported to call the aforementioned meeting of 15 January has not been identified as required by the Corporations Act and that 25 per cent of the unit holders in ABW had not received adequate notice of meeting.
The orders have been stayed for seven days to allow Primary to consider whether to appeal:
- Declaring that the meeting of the fund on 15 January 2019 was invalid, as were the resolutions passed at the meeting, and that Primary is not and never has been the responsible entity of ABW
- Requiring ASIC to rectify its record of registration, so that Aurora is reinstated as responsible entity of ABW
- Requiring Primary to pay Aurora’s costs
Recommended for you
Perpetual has seen AUM rise 6 per cent in the last quarter but the departure of a longstanding JOHCM fund manager led to outflows of $2.2 billion from his strategy.
In the latest Meet the Manager profile, Money Management speaks with Michael Skinner, founder and managing director at Blackwattle Investment Partners.
Global fixed income fund Bentham Global Opportunities has been added to several major platforms, enabling it to be accessed more easily by financial advisers.
Following yesterday’s news about First Sentier Investors closing four investment teams, a second global asset manager has announced it is closing its only dedicated Australian fund.