In a statement to unitholders issued today, seen by InvestorDaily, the fund manager announced that it has suspended applications and redemptions in the Ausbil MicroCap Fund effective on and from 28 April 2017, and expects the suspension to be lifted by the end of May.
“The responsible entity has determined that it is in the best interests of the unitholders of the fund to temporarily suspend applications and redemptions in the fund in order to make an interim distribution,” the statement said.
“The fund has received increased levels of redemptions and the responsible entity considers it appropriate to distribute income and net realised capital gains before processing any further withdrawals so that remaining unitholders are treated fairly.
“This decision was considered necessary in order to ensure the most appropriate and equitable outcome for all unitholders.”
The fund’s product disclosure statement has subsequently been withdrawn.
The suspension follows the announcement of a new leadership team for the fund and the departure of portfolio managers Tony Waters and Chris Prunty.
Ausbil also appointed a new chief executive, Ross Youngman, in February of this year.
AMP names incoming chief risk officer
Antares Equities hires new director
Former AFA CEO appointed to boutique board
Warning lights flashing on Aussie equities
What’s in store for the economy in 2018?
Busting common passive investing myths