[Updated] Fund managers on home straight of licencing race

Good Returns is aware of two fund managers which aren’t going to be licensed retail funds.

One is Socrates Funds Management which is run by financial adviser Charles Drace. The company says on its website “Socrates' 21st Century Unit Trusts are closing on 26 November, 2016”
Good Returns has been unable to contact Drace.

Also King Tide Asset Management is currently closed. Its website says: “King Tide Fund is temporarily closed to any new investment, including from any existing investors.”

It is understood King Tide, which runs a long short , Australasian equities fund will transition to being a wholesale fund, rather than a retail fund. The main reason for this move is around the the costs of compliance relative to the size of the fund.