The fund manager’s trustee said it would not accept withdrawals for an unspecified time, while Macquarie stopped selling two PAC Capital funds.
article raising questions about the asset manager for its funds to be frozen. Equity Trustees is assessing the reports and seeking information from the fund manager, according a person familiar with the situation.
The latest public reports for the four funds affected indicated they managed $55 million and held shares in large listed companies, including Meta, Microsoft, Apple, Alphabet, Amazon, Nintendo and Nvidia. The funds’ product disclosure statements are no longer on the PAC Capital website, but assured investors they would be able to retrieve their money on a weekly basis even if other investors withdrew funds.
The funds are the legal responsibility of Boutique Capital, a Sydney funds-management administrator that rents its financial licence to 277 investment entities and individuals, according to corporate filings. Owner Tim Baker didn’t respond to a request for comment. Other funds managed by PAC Capital aren’t affected, including the DMG Diversified Portfolio and Clearwater Dynamic Portfolio, which hold $240 million, according to Morningstar, and a venture capital fund which has bought shares in a private online betting business, Picklebet, in which Mr Larcombe is a major investor and director.five months ago praised
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘Let the market sort’ out nuclear, bankers urge BowenDeutsche Bank’s Phil O’Donaghoe said that if private capital wants to fund small nuclear reactors then the government should not stand in its way.
Read more »
Peter Malinauskas addresses The Advertiser Bush SummitRegional South Australia has always been at the “core of our economic achievement”, says South Australia Premier Peter Malinauskas. “Our colony has always seen our wealth, almost exclusively being derived from agriculture, whether it be the wheat fields or the vineyards,” Mr Malinauskas said during The Advertiser Bush Summit. “The bounty of our regions underpinned the capacity of our economy to grow throughout the 19th century as we approached federation. “Without the wealth our regions poured into our capital city, Adelaide’s streetscape would look very different today.”
Read more »
How Bulldogs could solve $750k TPJ dilemma with ‘the open market effectively frozen’How Bulldogs could solve $750k TPJ dilemma with ‘the open market effectively frozen’
Read more »
Dozens of tractors driven through Melbourne’s CBD in power protest7NEWS: Farmers rumble through Melbourne’s CBD to protest VNI West and Western Renewables Link projects
Read more »