Absolute Capital placed into voluntary liquidation
McGrathNicol named liquidators
By
Stephen Blaxhall Tue 27 Nov 2007
Absolute Capital corporate entities placed in administrator's hands.
Specialist structured credit investment manager Absolute Capital Group has been placed into voluntary liquidation.
Tony McGrath and Joseph Hayes of McGrathNicol have been appointed liquidators.
The appointment of administrators applies only to the Absolute Capital Group corporate entities and not to its core products, such as the Yield Strategies Fund.
The group temporarily suspended its Yield Strategies Fund redemptions in July following concerns over exposure to sub-prime lending.
Absolute Capital was the second high-profile Australian fund, after Basis Capital, to admit to sub-prime lending fallout.
ABN Amro acquired a 50 per cent interest in Absolute Capital Group in April 2004.
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