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1.Market Observations, 8.Was Sticky

30 May 2017 (TheAge) – Altair Asset Management hands back cash to clients citing looming correction

(30 May 2017, The Age, p10, Patrick Commins)

‘Australian asset manager Altair Asset Management has made the extraordinary decision to liquidate its Australian shares funds and return “hundreds of millions” of dollars back to its clients, citing an impending property market “calamity” and the “overvalued and dangerous time in this cycle”. “Giving up management and performance fees and handing back cash from investments managed by us is a seminal decision, however preserving client’s assets is what all fund managers should put before their own interests,” Philip Parker, who serves as Altair’s chairman and chief investment officer, said in a statement on Monday.’

Read more at TheAge.com.au

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