Mystery surrounds the removal of Arowana star fund manager Gary Hui from his role overseeing the $85 million listed Contrarian Value Fund after it delivered a stellar 57 per cent return over 12 months.
Shares in the listed investment company fell by almost 8 per cent on Monday after the company announced that Mr Hui's authorisation to manage the fund had effectively been revoked by Arowana Capital, the relevant Australian Financial Services Licence holder.
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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
