Adelaide Bank to list fund on ASX
(20 June 2006 – Australia) Adelaide Bank is looking to raise A$300 million through listing a new fund on the Australian Stock Exchange.
The bank’s funds management operation, Adelaide Bank Managed Funds Ltd (AMF), will list in two instalments on the ASX for its AMF Asset Backed Yield Trust.
An independent board chaired by Adelaide Bank director Steve Crane will preside over the fund, which plans to list by the end of July. Adelaide Bank chief general manager financial markets Barry Fitzpatrick will be chief executive.
The bank said the trust will invest in high yielding asset backed securities and some assets held by the bank to provide capital relief.
"This asset backed yield trust will provide access to an investment class typically only available to institutions and those seeking high yield and security," Fitzpatrick said.
The bank’s chairman Adele Lloyd and chief operating officer Jamie McPhee will also sit on the board.
An independent board chaired by Adelaide Bank director Steve Crane will preside over the fund, which plans to list by the end of July. Adelaide Bank chief general manager financial markets Barry Fitzpatrick will be chief executive.
The bank said the trust will invest in high yielding asset backed securities and some assets held by the bank to provide capital relief.
"This asset backed yield trust will provide access to an investment class typically only available to institutions and those seeking high yield and security," Fitzpatrick said.
The bank’s chairman Adele Lloyd and chief operating officer Jamie McPhee will also sit on the board.
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