SGI terminates agreement with Bennelong
Bennelong Funds Management says it will continue to operate in the global equities field, despite Security Global Investors (SGI) terminating its distribution and investment management agreement with the fund manager.
Bennelong placed two of its funds, the SGI Global Equities Fund and the Bennelong SGI Global Equities Hedged Fund, on hold for 21 days after the companies severed ties late last week.
The chief executive of Bennelong, Jarrod Brown, said he was disappointed the company had been put in this position but felt Bennelong was managing the process to protect investors’ interests as best as it could.
“We intend to continue to be active in the global equities field. The search for a replacement manager or managers has already commenced,” Brown said.
Standard & Poor’s (S&P) placed the Bennelong SGI Global Equities fund on hold this morning at Bennelong’s request.
“We have spoken to all stakeholders in the funds and they say they are happy with the way we are handling the process,” Brown said.
In a company statement, Bennelong said it was currently restricted from providing further detail but would ensure all stakeholders were informed accordingly over the coming days.
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