Small victory for investors of mismanaged funds
A group of investors in the Premium Income Fund (PIF) have delayed any further action by Brisbane-based fund manager Wellington Capital until a planned hearing next week.
Wellington has agreed to suspend any further action in relation to a planned rights issue until the hearing of the matter on 14 June.
PIF action group vice president Charles Hodges labelled it a “small victory for investors in mismanaged funds”, stating he was pleased the court had recognised that the managers of funds were answerable to their investors.
“Responsible entities are holding investors’ assets in trusts and must treat them as such,” Hodges said.
The PIF action group has also agreed to delay its upcoming unitholders meeting scheduled for 16 June for one week, with it now taking place on 23 June.
AUTHOR
Ashleigh McIntyre
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