IML plans to launch public/ASX firm
Australian equities fund manager, Investors Mutual Limited (IML), has announced plans to launch a new income-focused ASX-listed investment company, in which it will act as an investment manager.
The new company would aim to replicate the Investors Mutual Equity Income Fund investment strategy, with an objective to deliver shareholders a dividend yield of two per cent above that of the S&P/ASX 300 index but with lower levels of volatility to that of the S&P/ASX 300 index.
Additionally, it would seek to raise $100 million in its Initial Public Offering (IPO) and would be expected to pay dividends on a quarterly basis.
IML said it had already received indicative commitments in excess of the $100 million minimum and anticipated that both the new company and the offer would be further supported.
The prospectus for the offer would be lodged with the Australian Securities and Investments Commission (ASIC) during the fourth quarter.
AUTHOR
Oksana Patron
Recommended for you
Some 42 per cent of CEOs say they are actively reinventing their business to stay relevant in the next decade, with consumer services the most common choice for asset and wealth managers.
Former Ophir Asset Management chief executive, George Chirakis, has joined private equity manager Scarcity Partners, while the asset manager has appointed a replacement from Macquarie.
Australian Unity has appointed a fund manager for its Healthcare Property Trust, joining from Centuria Healthcare, as it restructures the product with a series of senior appointments.
Financial advisers nervous about the liquidity of private markets funds for their retail clients are the target of fund managers launching semi-liquid products which offer greater flexibility and redemptions.
