Jensen departs WAM board
The on-going tussle for control of the Hunter Hall Global Value (HHV) fund has created board casualty for WAM Capital Limited (QAM) with the resignation of HHV chairman, Paul Jensen from the WAM board.
Jensen announced his resignation decision to the Australian Securities Exchange (ASX) today saying that it he had done so reluctantly but that the situation between WAM and HHV had left him little option.
"Having considered WAM's operations as a whole and the current business environment in which it is operating, I have reached the decision that the differences of opinion between Wilson Asset Management Pty Limited as the manager of WAM, and HHV as to the future of HHV, mean that my role as a director of WAM may provide a distribution from the issues that the business has to address to ensure the best interests of all shareholders are protected," Jensen's letter said.
The letter noted that Jensen had been an independent non-executive director of WAM for over 12 years and was appointed to the board of HHV in October 2015 following a search by HHV for a new independent non-executive director.
Jensen's letter sought to reassure shareholders of HHV that he remained committed to the company and would continue to act in the best interests of all shareholders.
Recommended for you
Funds managers are being urged by financial advisers to improve their “outdated” education and communication about alternative funds as they actively target them towards retail clients.
GAM Investments has appointed Eric Finnell as its managing director for Australia after his predecessor left to take up the CEO role at Global X.
Fidelity International has looked internally to appoint a head of strategic sales and solutions for its Australian division, which is a newly created role for the business.
Lonsec’s deputy CIO Deanne Baker has highlighted what investment tools the firm is harnessing to mitigate the impact of geopolitical risks in its managed account offerings.
