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
A major super fund has defended its use of private markets in a submission to ASIC, asserting that appropriate governance and information-sharing practices are present in both public and private markets.
A member body representing some prominent wealth managers is concerned super funds’ dominance is sidelining small companies in capital markets.
Earlier this month, several Australian superannuation funds fell victim to credential stuffing attacks, which saw a small number of members lose more than $500,000.
Small- to medium-sized funds have become collateral damage in an "imperfect" model for super industry levies, a financial institution has said.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
93.34 3 y p.a(%)
2
Global X GlobalX FANG+ ETF
37.15 3 y p.a(%)
3
GAM LSA Private Shares AU I
33.96 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
29.68 3 y p.a(%)
5
Plato Global Alpha A
28.73 3 y p.a(%)
