Watermark IPO closes at $90m

Watermark IPO closes at $90m

Watermark Funds Management has closed the IPO of its market-neutral Global Leaders Fund at $90 million.


The Watermark Global Leaders Fund (WGF) is the third listed investment company managed by Watermark. The IPO's close at $90 million takes the company's total funds under management to $700 million.

The IPO has an issue price of $1.10 per share, with investors also set to receive one option for every share issued under the offer. Trading of the LIC on the ASX is expected to commence on 21 December 2016.

According to a statement by Watermark, WGF provides investors with an actively managed portfolio of global equities in a market neutral structure.

Watermark founder and chief investment officer Justin Braitling said the structure of the LIC removes much of the volatility of the market.

"WGF represents Watermark’s third and largest LIC raising to date and we are excited about the global LIC as a key pillar of growth of the Watermark business," Mr Braitling said.

"WGF gives investors the opportunity to achieve stronger, more consistent performance amidst the current volatility, and reduced equity market risk. WGF’s strategy hedges out market and sector risks."

Read more: 

Rising yields will hurt bond investors: Henderson

Equity Trustees keen to acquire Sandhurst Trustees

New custodian named for TCorp

Purpose beats self-interest, finds study

Trump unlikely to trigger emerging market crisis

 

 

Watermark IPO closes at $90m
investordaily image
ID logo
promoted stories

Appointments

investordaily image

AMP names incoming chief risk officer

Jessica Yun

investordaily image

Antares Equities hires new director

Staff Reporter

Brad Fox

Former AFA CEO appointed to boutique board

Staff Reporter

Analysis

investordaily image

Warning lights flashing on Aussie equities

Roy Maslen

investordaily image

What’s in store for the economy in 2018?

Frank Uhlenbruch

ST Wong

Busting common passive investing myths

ST Wong