Fund manager GQG is the latest investment firm to be hit by the UK pension fund cash scramble as clients liquidated $US1.5 billion to meet margin calls.
Fund manager GQG is the latest investment firm to be hit by the UK pension fund cash scramble as clients liquidated $US1.5 billion to meet margin calls.
“In particular, the recent extreme volatility in gilts and currencies contributed to gross outflows of roughly $US1.5 billion from our UK-domiciled clients.”Magellan’s funds under management in which it reported $3.2 billion of outflows from institutional investors On Thursday evening, details of the Bank of England’s intervention emerged via a letter sent to politicians explaining why it announced a program to buy up to £65 billion of bonds.
“This would amplify the stresses on the financial system and further impair the gilt market, which would in turn have forced other institutions to sell assets to raise liquidity and add to self-reinforcing falls in asset prices,” he wrote.All eyes will be on other Australian listed managers, which may have also experienced large and sudden redemptions from UK clients.
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