POWERED BY MOMENTUM MEDIA
BT wholesale fund closed down
BT Investment Management's wholesale BT Global Return Fund has been terminated after the fund was frozen in December last year due to redemption pressures. The termination is effective today.
BT stated in a letter on its website that it explored a number of options to lift the suspension, but determined that it would be in the best interests of the investors to wind up the fund. The fund was worth $871 million in February this year.
"To lift the suspension and reopen the fund for redemptions would mean that more liquid assets would be used to satisfy redemptions, leaving continuing investors with an increased exposure to less liquid assets. There is a significant uncertainty as to when the current suspension of redemptions from the fund could be lifted to enable withdrawals to be paid."
The fund was delivering returns of more than 2 per cent before June last year, when the financial crisis caused its returns to plunge to a low of minus 10 per cent in October. The fund had net assets of $1.2 billion in June last year.
Recommended for you
Governor Michele Bullock took a more hawkish stance on Tuesday, raising concerns over Donald Trump’s escalating tariffs, which sent economists in different directions with their predictions.
Equity Trustees has announced the appointment of Jocelyn Furlan to the Superannuation Limited (ETSL) and HTFS Nominees Pty Ltd (HTFS) boards, which have oversight of one of the companies’ fastest growing trustee services.
Following growing criticism of the superannuation industry’s influence on capital markets and its increasing exposure to private assets, as well as regulators’ concerns about potential risks to financial stability, ASFA has released new research pushing back on these narratives.
A US-based infrastructure specialist has welcomed the $93 billion fund as a cornerstone investor.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
GAM LSA Private Shares AU I
37.08 3 y p.a(%)
2
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
32.63 3 y p.a(%)
3
Fidante Credit Suisse Global Private Equity
32.16 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
28.28 3 y p.a(%)
5
Plato Global Alpha A
27.76 3 y p.a(%)
