Sydney-based equities investor Cadence Asset Management has put...

Sydney-based equities investor Cadence Asset Management has put the proposed listing of its new investment company on ice.
Cadence boss Karl Siegling and his board filed a supplementary prospectus on Friday which said the investment company would be unlisted initially with the intention of listing it in "a more stable investor climate." New investors can choose to invest in the unlisted structure up until January 7.
Siegling told potential investors in early November that the mooted listed investment company would be more focused on short-term price trends with a six to 18-month time horizon. He also said he would seek to raise up to $100 million at $1.25 a share, with up to another $100 million set aside for oversubscriptions
The raising had already been downsized from an earlier planned $250 million offering, to reflect the market mood.
It is a tough time for fund managers to raise for listed investment companies.