The new co-heads of the troubled US Masters Residential Property Fund have told investors they are committed to the fund's sell-down strategy and will focus on improving cash flows and cutting costs.
In a monthly webinar update to investors, mostly clients of wealth management firm Dixon Advisory, new co-head Kevin McAvey said "there are a number of areas that offer room for improvement" as the fund seeks to restore value for beleaguered unitholders.
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Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com
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
