Regal Funds offline as it deals with ASIC request
Institutional equities desks are in a tizz as radio silence streams out of one of their biggest clients.
All eyes are on Sydney-based Regal Funds Management, who traders reckon is arguably the country's most active equities investor and biggest commission payer, whose listed investment company has gone into an unexpected trading halt.
It is understood Regal has requested the halt while it deals with a regulatory issue.
Sources said Regal had received a request from ASIC. It is not known what the request relates to.
Regal's usually active traders have also gone quiet.
"The securities of Regal Investment Fund (‘RF1’will be placed in trading halt at the request of RF1, pending it releasing an announcement," the ASX announcement said on Tuesday morning.
"Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Thursday, 28 November 2019 or when the announcement is released to the market."
Founded in 2004, Regal Funds Management manages about $2 billion
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