Wilson claims $5.6m of Bolton’s Magellan profits ‘unaccounted for’

Jonathan ShapiroSenior reporter

Dec 17, 2023 – 5.26pm

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Key Points

WAM says profits from Nick Bolton’s Magellan options trade are not accounted for
Keybridge is Bolton controlled but Geoff Wilson’s WAM is its largest shareholder
The pair has been feuding since 2016

Fund manager Geoff Wilson’s Wilson Asset Management has written to activist investor Nick Bolton demanding more information about the allocation of $17.8 million of proceeds from its successful Magellan options trade.

Lawyers acting for Mr Wilson’s WAM Active say $5.6 million of profits “are unaccounted for” following an update last month from the Bolton-controlled Keybridge Capital.

Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney.