Markets

Blue Sky has slashed the value of its fee-earning assets under management

A review of the Blue Sky business and balance sheet is substantially completed. Initial $3.8 million of cost cuts implemented. Estimated $59.4 million negative impact on full year net profit after tax. Fee earning assets under management revised down to $3.4 billion. Blue Sky’s major review of the business has […]
Blue Sky has slashed the value of its fee-earning assets under management
Markets

Fintech Acorns has changed its name to Raiz Invest

Acorns, the app which invests loose change, will now be called Raiz Invest in Australia. The move follows the purchase by an Australian company of the local arm from Acorns’ US parent. More than 460,000 people have signed up to the app since launching in Australia in 2016. Acorns Australia, […]
Fintech Acorns has changed its name to Raiz Invest
Markets

Blue Sky shares are tanking again

Blue Sky shares dropped by a third as the war of words with a short seller continue. Short Seller Glaugus Research says Blue Sky’s response to its note is “woefully inadequate”. Blue Sky says a second opinion from Glaucus raises no new allegations. Shares in fund manager Blue Sky fell […]
Blue Sky shares are tanking again
Markets

Glaucus Research says Blue Sky’s response is ‘woefully inadequate’

Glaucus Research says Blue Sky’s response to its research note is “woefully inadequate.” Blue Sky referred the Glaucus note to ASIC, saying it could be a case of market manipulation. Blue Sky shares were down 4.1% to $8.12. Four weeks ago they were at $12.80. Short-seller Glaucus says Blue Sky’s […]
Glaucus Research says Blue Sky’s response is ‘woefully inadequate’
Markets

Blue Sky is refunding an equity raising

Blue Sky Alternative Investments Limited is refunding part of a equity raising to investors who took up a share purchase plan. The price of that share purchase plan was $11.50. Today the company shares are trading at $8.15. The company says it would not be “appropriate” to accept applications from […]
Blue Sky is refunding an equity raising
Markets

Blue Sky says the brutal Glaucus note may be ‘market manipulation’

Blue Sky, the target of a short-seller’s analysis, has referred Glaucus Research to the corporate regulator ASIC (Australian Securities and Investments Commission). “We are concerned that this may be a case of market manipulation,” Managing Director Robert Shand told an analyst call this morning. “We have offered our full assistance […]
Blue Sky says the brutal Glaucus note may be ‘market manipulation’
Markets

The key allegations by Glaucus Research that Blue Sky needs to answer

Glaucus Research says Blue Sky charges management fees as high as 17% And the market capitalisation of Blue Sky is overvalued by about 77%. Blue Sky allegedly “unjustly” inflates its reported fee earning AUM. Blue Sky shares are under voluntary suspension while the ASX reviews the fund manager’s proposed response […]
The key allegations by Glaucus Research that Blue Sky needs to answer
Markets

The mystery of the missing $1 million from an Australian property trust

About $1 million belonging to the Aurora Property Buy-Write Income Trust has gone missing. The Aurora Funds Management Limited (AFML) discovered at the weekend that the money appears to have been taken from that trust’s bank account without “proper authority”. The fund manager, specialising in absolute-return strategies for high net […]
The mystery of the missing $1 million from an Australian property trust
Markets

Westpac is in talks to sell Hastings Management to Charter Hall

Westpac and ASX-listed funds manager Charter Hall Group are in exclusive talks for the sale of the bank’s global infrastructure investment fund Hastings Management. The bank has operated Hastings, which has 100 employees and funds under management of $14.3 billion, for more than 22 years. Charter Hall says it believes […]
Westpac is in talks to sell Hastings Management to Charter Hall