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New Zealand-based Morrison & Co is the preferred manager for the Utilities Trust of Australia (UTA), an open-ended global infrastructure fund that has been managed by Hastings Funds Management.
The board selected Morrison & Co after receiving “strong interest from a number of high-quality managers”. IFM Investors and Morrison & Co were said to be rivals for the role.
An EGM vote by the UTA unit holders will be required, but it is anticipated that the transition to Morrison & Co should occur on 1 July 2018.
The board of UTA decided to commence a tender for a new manager, after engaging with the unitholders,...