Victorian-based fund manager Olympus Funds Management (Olympus) has shelved plans to list on the Australian Securities Exchange (ASX) citing stock market volatility as the reason.
The firm was to list in a joint offering with an Asia focused absolute return fund but fears about recent stock market declines across Asia halted plans.
Olympus founder and managing director, John Pereira, said the firms were still bullish about Asia but market conditions were too bad for going to the market.
He pointed to falls in November of 3.3 per cent on the ASX/200, 8.6 per cent on the Hong Kong Hang Seng index and of 16.1 per cent on the Chinese CITIC 300.
"Given that year to date all three have produced outstanding results, we will be back," he said.
"Investors will want to be part of the action across this region as shown in year to date returns of India's BSE 200 Index of 48.2 per cent, Hong Kong's Hang Seng Index of 43.5 per cent and China's CITIC 300 Index of 130.7 per cent."
The firm, which launched an India-focused fund on the ASX in April, had planned to raise between $45 million and $90 million for the Asia Diversified Fund (ADF).
The fund was to have a 44 per cent exposure to China, a 33 per cent exposure to India and a 23 per cent exposure to the rest of Asia, excluding Japan.
All investors who subscribed for shares in the joint offer will be sent refund cheques in the next few days.
