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."
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