Listed managed investments continue to grow
Listed managed investments (LMIs) came of age in 2004, with the Australian Stock Exchange (ASX) reporting 24 new listings and 44 per cent growth in LMI trading during the year.
The LMI family includes listed property trusts, listed investment companies such as ’svan Eyk Three Pillars, infrastructure funds, index-based exchange traded funds, pooled development funds and absolute return funds such as Pengana Managers’ listed hedge fund pool.
Total LMI market capitalisation grew from $74 billion to $109 billion over the 12 months, and the monthly average number of trades in the 121 LMIs rocketed from 77,890 to 108,000.
The best returning LMIs were Orchid Capital with 114 per cent, Macquarie Communications Infrastructure Group with 89 per cent, and First Wine Fund and Macquarie Leisure Trust, which tied on 88 per cent.
The five largest LMI listings for 2004 were infrastructure fund ConnectEast Group ($616 million), Tishman Speyer Office Fund ($560 million), Hastings Diversified Utilities Trust ($400 million), fellow infrastructure play DUETs ($258 million), and listed investment company Century Australia ($176 million).
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
