Pereira exits as fund closes down
|
|
The founder and chief executive of the India Equities Fund, John Pereira, has departed the company as part of the arrangements flowing from a shareholder vote to dispose of the company and return capital to shareholders.
The company said that following the vote, it had issued instructions for the sale of all of the listed equity securities held in India and would transfer the proceeds back to Australia to be held on deposit until required to fund the return of capital. It said that a meeting of the board following the shareholder vote had agreed that as part of the winding down of operations, Pereira would leave the company immediately “by mutual agreement”, along with fund analyst Nick Stitt, with other positions becoming redundant as and when they were no longer necessary.
The company’s chairman, Don Christie, thanked Pereira for “his vision and his hard work in establishing and managing the company and then for recognising that the best interests of shareholders lay in promoting a substantial return of capital that would necessarily result in the winding down the of company’s operations”.
Christie replaces Pereira and will perform the duties of interim chief executive.
AUTHOR
Mike Taylor
Recommended for you
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.
