16 August 2011
Herschel has transferred the management of the Herschel Absolute Return Fund (the Fund) to Bennelong, who will take over management and trustee responsibilities of the Fund immediately.
The Fund will be managed by Mark Burgess immediately, with the support of Kristiaan Rehder from 1 September 2011. Mark and Kristiaan have formed a new boutique absolute return business - Kardinia Capital - in partnership with Bennelong. Accordingly, the Fund's name will be changed to the Bennelong Kardinia Absolute Return Fund.
Herschel Principal and Founder Saxon Nicholls said, "This outcome is in the interests of Herschel Absolute Return Fund unitholders who will benefit from ongoing management of their fund by Mark Burgess and Kristiaan Rehder. Herschel's core focus, as it has been for some time, continues to be the Concentrated Fund and the Global Master Fund. We believe this is a great outcome for the unitholders in the Herschel Absolute Return Fund and wish Mark and Kristiaan every success".
Jarrod Brown, Bennelong's Chief Executive Officer said, "Bennelong looks forward to serving the unitholders of the Bennelong Kardinia Absolute Return Fund under its new management arrangement. Our focus is to deliver great investment outcomes for the existing and future investors of the Fund".
It is anticipated that the Bennelong Kardinia Absolute Return Fund will be open to new investors on 1 September 2011.