Komfie Manalo, Opalesque Asia: Hong Kong-based hedge fund LIM Advisors is expected to score a major victory today to force one of Australia’s largest fund managers AMP Capital Advisors Ltd., to shut down its China fund, Bloomberg reported.
On Wednesday, AMP Capital issued a statement saying that the company will conduct an extraordinary general meeting today (Thursday) to decide to close down the AMP Capital China Growth Fund which has a market value of $326m (A$434m). LIM Advisors own 10% of the China fund that it described as trading at a steep discount.
AMP Capital Funds Management chairman Adam Tindall said that the firm has appointed KPMG as an adviser and is currently "working on a strategy" to finalize the closing of the fund. Tindal added that AMP has no plans to launch another China-focused fund at this moment.
Sin July last year, LIM Advisors, the third largest shareholder at the AMP Capital China Growth Fund, has been calling for a limit on the fund’s discount it is trading. LIM has also called off an investor meeting in 2015 after the AMP management suggested changes in its operation and governance.
AMP Capital averts rebellion over China Growth Fund
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