HFA undergoes board and ownership changes

cent chief investment officer portfolio manager

23 September 2003
| By Lucie Beaman |

The Suncorp Group has offloaded its 53 per cent interest in Hedge Funds Limited (HFL), whileHedge Funds of Australia(HFA) managing director Spencer Young has increased his holding to 25 per cent.

The Suncorp Group says while it has exited its interest in HFL, the manager of the HFA trusts, it will remain supportive of HFA Funds having negotiated a minimum $100 million in capacity for future investment by Suncorp Group-related entities.

The Suncorp Group held a 53 per cent stake in HFL, whichSuncorp Metway Investment Managementpublic affairs manager Chris Cunnington says was no longer a good fit from a management and control perspective.

Cunnington says due to reporting and balance sheet issues, the group prefers to either take a 100 per cent stake in a group or act as a passive investor.

As such the two Suncorp appointed non-executive directors, Suncorp Metway Investment Management general manager Maurice Kluge, and Cunnington, have left the board.

They will be replaced by the former chief investment officer of Rothschild Australia, Jonathon Pain, and partner at corporate adviser Grant Samuel, John Morrison.

HFA has also appointed experienced hedge fund analyst and portfolio manager Peter Coates to its Australian analyst team.

In other news from the group international fund-of-hedge-fund adviser to HFL, Lighthouse Partners, has renewed the term of their management and advisory role for another seven years.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 2 weeks ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 2 weeks ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 2 weeks ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

6 days 4 hours ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

3 weeks 5 days ago

The Reserve Bank of Australia's latest interest rate announcement has left punters disheartened on Melbourne Cup Day....

5 days 3 hours ago