Important information
IM available for Bennelong Kardinia Absolute Return Fund
1 September 2011
The Information Memorandum (IM) for the Bennelong Kardinia Absolute Return Fund is available, effective 1 September 2011. Email Client Services to obtain a copy. Please ensure the most current version is used when submitting an application.
Herschel Absolute Return Fund to be renamed the Bennelong Kardinia Absolute Return Fund*
16 August 2011
Herschel Asset Management (‘Herschel') has transferred the trusteeship and management of the Herschel Absolute Return Fund to Bennelong Funds Management (‘Bennelong'). As a consequence, the Herschel Absolute Return Fund has been renamed the Bennelong Kardinia Absolute Return Fund.
Bennelong has appointed Kardinia Capital, a new boutique created in partnership with Mark Burgess and Kristiaan Rehder, to manage the Fund on its behalf. Mark Burgess is now Portfolio Manager of the Fund while Kristiaan Rehder will commence with Kardinia Capital on 1 September 2011.
* The Bennelong Kardinia Absolute Return Fund (Fund) was launched on 1 May 2006 by another trustee. Bennelong Funds Management Ltd (Bennelong) assumed responsibility as replacement trustee on 16 August 2011. Performance information prior to 16 August 2011 relates to the previous trustee. Mark Burgess and Kristiaan Rehder were employed by the previous trustee and became employees of Kardinia Capital Pty Limited (Kardinia), which has been engaged by Bennelong to manage the Fund, in August 2011. Kardinia intend to apply the same investment philosophy and strategy in respect of the Fund. Past performance is not a reliable indicator of future performance.
New PDS available for small caps fund
30 June 2011
The Product Disclosure Statement (PDS) for the Bennelong Avoca Emerging Leader Fund is available as of 30 June 2011. To download a copy, please go to Product Disclosure Statements.
Bennelong SGI Global Equities Fund and Bennelong SGI Global Equities Hedged Fund - latest update
9 March 2011
All investors in the Bennelong SGI Global Equities Fund and the Bennelong SGI Global Equities Hedged Fund (the Funds) have now received their final statement along with their redemption from the Funds.
All efforts were made to expedite the process, and ensure the matter was dealt with promptly and professionally. Throughout this process, our investors' interests have been of paramount importance.
Bennelong SGI Global Equities Fund and Bennelong SGI Global Equities Hedged Fund - update
28 February 2011
Following the suspension of investments and redemptions in the Bennelong SGI Global Equities Fund and the Bennelong SGI Global Equities Hedged Fund (the Funds) (see item below for further information), the Responsible Entity (RE) has determined that it is not possible to undertake appropriate due diligence to appoint a new manager for the Funds within a reasonable timeframe. The assets of the Funds are to be sold and, as far as possible, held in cash. Once the sale of assets has been completed, the RE will determine a distribution date and make a distribution of income to unit holders.
The Funds will reopen for redemptions on 3 March 2011 and all redemption requests received prior to the close of business on that day will be processed with effect from 3 March 2011. Both Funds will remain closed to new applications.
Suspension of investments and redemptions - Bennelong SGI Global Equities Fund and Bennelong SGI Global Equities Hedged Fund
10 February 2011
Investment and redemptions in the Bennelong SGI Global Equities Fund and the Bennelong SGI Global Equities Hedged Fund were suspended on the 10th of February 2011, due to the termination of Bennelong Funds Management's (BFM's) distribution and investment management agreements by global asset manager, Security Global Investors, LLC (SGI). At present, the suspension is expected to continue for a period of 21 days, during which time Bennelong Funds Management Limited, as the Responsible Entity for each of the Funds, will consider the future of the Funds and take whatever steps are required to protect the interests of the investors in the Funds.
This development does not impact Bennelong's Australian equities funds and there is no relationship between SGI and BFM's Australian equities teams.
We are currently restricted from providing further detail, but will ensure that all stakeholders are informed accordingly over the coming days.
Updated PDS available for global equities fund
As of 28 January 2011, the Product Disclosure Statement (PDS) for the Bennelong SGI Global Equities Fund is available. To download a copy, please go to Product Disclosure Statements.
Updated PDSs for Australian equities
Effective 28 January 2011, updated Product Disclosure Statements (PDSs) are available for the Bennelong Australian Equities Fund, the Bennelong Concentrated Australian Equities Fund, and the Bennelong ex-20 Australian Equities Fund. To download a copy, please go to Product Disclosure Statements. Please ensure the most current version is used when submitting an application.
Changes to Compliance Committee
The Compliance Committee will now be a direct delegation of the BFM Board, consisting of Bruce Loveday (BFM Chair), Steven Rix (Non-Executive Director) and chaired by Elizabeth Flynn (Non-Executive Director). The committee's charter has been expanded to a broader mandate of audit, risk and compliance. View full news item.
MIT capital account election notification
The Bennelong SGI Global Equities Fund and the Bennelong SGI Global Equities Hedged Fund have made a capital account election. This election allows a ‘Managed Investment Trust', such as the Bennelong SGI Global Equities Fund and the Bennelong SGI Global Equities Hedged Fund, to hold eligible assets (such as shares in a company, units in a unit trust and land, including an interest in land) on capital account, so that the subsequent disposal of those assets will be subject to the capital gains tax regime, rather than the proceeds being treated as ordinary income. Consequently, unitholders may be concessionally taxed in respect of these gains due to the capital gains discount, which is available to individuals and trusts (up to a discount of 50%) and complying superannuation funds (up to a discount of 33 1/3%) where the asset has been held for more than 12 months.
Updated IM for Bennelong Long Short Equity Fund
Effective 22 May 2009, the updated Information Memorandum (IM) for the Bennelong Long Short Equity Fund is available. Email Client Services to obtain a copy. Please ensure the most current version is used when submitting an application.
New IM available for Bennelong ex-20 Australian Equities Fund
As of 30 April 2009, the Information Memorandum (IM) for the Bennelong ex-20 Australian Equities Fund is available. Please email Client Services to obtain a copy.