Macquarie pulls London fund plans

25 October 2006

Australia's Macquarie Bank has abandoned its plans to float an investment fund on the London stock market due to what it described as "uncertain market conditions".

The bank had hoped to raise as much as £300 million through the Macquarie Global Income Fund in what was planned as its first floatation on the London Stock Exchange, the Independent reports.

"We looked at [launching] a product earlier this year," a spokesperson for Macquarie told the newspaper.

"But decided not to go ahead because market conditions were uncertain."

However, Australian press have suggested that a lack of interest from potential investors was also to blame for the plans being shelved, with the fees being charged by the fund putting many investment managers off.

It is believed that the fund was designed to help finance further acquisitions for Macquarie, with the banks latest European target reported this week as Techem, a German metering company.

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