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Funding hybrid lists on the ASX
HWL Ebsworth has assisted with the listing of K2 Global Equities Fund on the Australian Securities Exchange (ASX).
Felicity Nelson
Firm: HWL Ebsworth (K2 Asset Management)
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Deal: The listing of the K2 Global Equities Fund.
Value: Up to $400 million
Area: IPO
Key players: Melbourne-based partner Anthony Seyfort (pictured) led the team.
Deal significance:
According to HWL, K2 Global Equities Fund is one of the first few actively managed Exchange Traded Managed Funds (ETMFs) to list on the ASX.
An ETMF is a hybrid between an exchange-traded fund and an actively managed open-ended mutual fund.
The K2 Global Equities Fund, managed by K2 Asset Management, listed on July 20.
HWL has said this newly listed ETMF will target between $200 million and $400 million.
The ETMF hopes to attract interest from retail investors and self-managed superannuation funds.
“ETMFs will be increasingly popular and could well overtake traditional listed investment companies (LICs) as the listed investment vehicle of choice,” said Mr Seyfort.
“ETMFs are more flexible since they are ‘open-ended’ and do not need to set a floor or a ceiling on the level of subscription needed. ETMFs could also provide greater liquidity for investors.”
