Regal Funds Management under investigation
Regal Funds Management is under investigation by the Australian Securities and Investments Commission (ASIC) for an undisclosed issue.
In an announcement to the Australian Securities Exchange (ASX), Regal’s responsible entity Equity Trustees requested the ASX grant a temporary halt for the Regal Investment Fund for two business days.
News reports suggested ASIC was examining the hedge fund for its trading “in certain securities” and obtained documents from its Sydney office.
The ASX placed the fund in a trading halt and said the securities would remain in trading halt until the earlier of the commencement of normal trading on 28 November, 2019, or when an announcement was released to the market.
A Regal spokesperson said: "As an active participant in Australian equity markets, Regal is subject to scrutiny from regulatory bodies from time to time. Regal’s responsibility to its clients is paramount and it takes its obligations to comply with all laws and regulations very seriously. Regal is cooperating fully with the investigation.
"The existence of this investigation does not impact Regal’s ability to provide asset management services to its clients."
Recommended for you
Outflows from an Australian private markets fund manager have caused FUM at Pacific Current to decline by $1 billion in the last quarter.
Former RIAA chief executive Simon O’Connor has joined the ethical advisory panel at U Ethical Investors.
Financial services leaders are “all cashed up with nowhere to grow” when it comes to M&A activity, according to Deloitte, with 90 per cent saying they have strong balance sheets ready for an acquisition.
As fund managers are urged to diversify their product ranges, they are finding a faster way to do this is via an acquisition of existing firms but experts say it is not without potential culture clashes.