Australia’s Basis Seeks Court Guidance On Redemptions

Jan 9 2008 | 12:05pm ET

Subprime-stung Australian hedge fund manager Basis Capital Fund Management is seeking a court’s help to sort out its mess.

The Sydney-based firm said it will ask an Australian court to appoint representatives for each class of investor in its Yield Fund and Aust-Rim Diversified Fund, both of which suffered enormous losses last year linked to the subprime and credit crises. The firm was forced to suspend redemptions, and its flagship Yield Alpha Fund is already in liquidation proceedings around the globe.

“Basis Capital will be seeking a declaration from the court regarding the appropriate treatment of June redemptions from and applications to the two funds to make sure that any action taken is in accordance with the rights and entitlements of all investors,” the firm said in a statement.

Basis is consulting with the Investment and Financial Services Association to find suitable representatives.

“Identifying appropriate representatives of the various classes of investors and obtaining their consent has been a time-consuming process,” the firm said. “Basis Capital and its legal advisers have been working hard to identify and reach an expeditious outcome with interested parties and have kept the regulator informed of the progress.”


In Depth

Kettera Q&A: The Advantages of Alternative Investment Platforms

Oct 28 2016 | 5:52pm ET

The past several years have seen a distinct push towards easier and cheaper access...

Lifestyle

Midtown's Plaza District Fades As Manhattan Office Landscape Shifts

Nov 22 2016 | 6:32pm ET

Lower leasing costs, more efficient office space and the hope of projecting an image...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR