Stanfield takes another property fund

property/funds-management-business/australian-securities-exchange/australian-financial-services/

14 July 2010
| By Mike Taylor |

Stanfield Funds Management Limited, the company that recently announced it had secured an option to acquire Australian Public Trustees, has today acquired Astrum Funds Management Limited.

Stanfield announced to the Australian Securities Exchange (ASX) that it paid $50,000 for Astrum, which it described as a property funds management business, the responsible entity for the Astrum Income Fund and the holder of an Australian Financial Services License.

Stanfield said it intended to rebrand and launch Astrum as a Stanfield fund, offering term investments backed by property mortgages. Stanfield added that it believed there was an opportunity in the current market to offer a low-risk term investment alternative.

The ASX announcement referenced Stanfield’s move on Australian Public Trustees, and said the company was continuing to negotiate with a number of other parties to also acquire their property funds management businesses.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

1 month 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

2 weeks 5 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 4 days ago

TOP PERFORMING FUNDS