HFA raises money for LIC
Despite the poor performance of the listed investment company (LIC) market of late, fund manager HFA Asset Management has attracted a $120 million capital raising for Accelerator Plus, which is due to appear on the Australian Stock Exchange (ASX) next week.
Accelerator Plus is already an unlisted investment company with over 1,200 shareholders and net tangible assets of approximately $86 million.
The $120 million raising has increased its shareholder base to 4,400.
The new LIC will expose investors to US-based absolute return fund manager Lighthouse Partners, which invests in absolute return managers it monitors and tracks around the world.
“The ASX listing will further enhance the existing liquidity, diversify leverage counterparties, reduce leverage costs, add critical mass to the company and provide Australian investors with a unique focus on exclusive absolute returns,” said HFA managing director Spencer Young.
In other news, National Australia Bank has announced plans to sell off its New Zealand funds management business to insurance giant Axa.
Axa subsidiary Assure New Zealand will assume management of BNZ Investment Management’s $NZ2.5 billion in funds under management when the deal is finalised in early 2006.
Axa would not reveal what it paid for BNZ.
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