Investors Mutual’s LIC hits key milestone in week before close
Anton Tagliaferro
With just over a week remaining before offer close, Investors Mutual’s recently launched LIC, QV Equities Limited (ASX:QVE), has attracted firm commitments and cash of over $100 million, thanks to strong interest from advisers and investors since opening on July 14.
Investors Mutual’s Investment Director and QVE Investment Manager, Anton Tagliaferro, said, “We are delighted by the positive response we’ve received from the market so far. QVE’s success lies in its ability to compliment the increased move to direct equities, particularly in the SMSF space providing investors with a ready-made portfolio of ex-20 stocks. QVE thus offers a unique diversification solution for clients, giving QVE shareholders exposure to many quality companies outside of the ASX top 20, as selected by IML.”
Wayne McGauley, IML Head of Retail said, “We are pleased with the overwhelmingly positive feedback received from research houses, advisers, accountants and individual investors on the approach and strategy behind QVE.”
“Investors have responded well to the number of channels available to access QVE, with the LIC being available on some of Australia’s leading platforms, as well as more traditional broker and general application channels. The platform access, along with its inclusion on leading dealer group’s approved product lists is quite unique for a LIC. This improved access enables SMSFs, HNW individuals and their advisers to easily incorporate QVE within their portfolios,” added Mr McGauley.
QVE recently achieved a ‘Highly Recommended’ rating from Lonsec and ‘Recommended’ by Zenith with both research houses commending Investors Mutual’s investment approach and experienced team.
The offer will remain open until the 8th of August, with subscriptions accepted until this date.
The issue has been arranged through CBA Equities who are also one of the Joint Lead Managers to the issue along with BBY, Patterson and Taylor Collison and Co-Lead Manager Lonsec Securities.
