APRA blocks Bendigo and Adelaide Bank's Adelaide Managed Funds proposal

APRA australian securities exchange fund manager

1 April 2009
| By Lucinda Beaman |

The Australian Prudential and Regulatory Authority (APRA) has knocked back a proposal from Bendigo and Adelaide Bank to acquire all of the units in one of the Adelaide Managed Funds.

The proposal, put forward by the bank and the fund manager, would have seen the bank acquire all the units in the Adelaide Managed Funds Asset Backed Yield Trust (AYT), but a statement from the groups involved said APRA would not allow the bank to proceed with the proposal.

“The bank is awaiting formal notification from APRA of its position,” the joint statement to the Australian Securities Exchange said.

“The board of [Adelaide Managed Funds] is considering the alternatives available to maximise AYT unit holder value.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

3 weeks 5 days ago

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

1 month ago

Interesting. Would be good to know the details of the StrategyOne deal....

1 month ago

Insignia Financial has confirmed it is considering a preliminary non-binding proposal received from a US private equity giant to acquire the firm. ...

1 week 3 days ago

Six of the seven listed financial advice licensees have reported positive share price growth in 2024, with AMP and Insignia successfully reversing earlier losses. ...

6 days 8 hours ago

Specialist wealth platform provider Mason Stevens has become the latest target of an acquisition as it enters a binding agreement with a leading Sydney-based private equi...

5 days 12 hours ago