founder, CIO announces retirement
BUZZ-Australia's Regal Partners drops as co-founder, CIO announces retirement ** Regal Partners RPL.AX shares tumble as much as 10%, marking their steepest intraday decline in nearly six months, before paring losses to trade 2.9% lower at A$2.815
** Asset manager reports retirement of co-founder and Chief Investment Officer Philip King
** As part of the phased succession plan, King will retain his existing portfolio management duties, with no changes across Regal’s broader long-short equities team, while continuing to directly oversee ~16% of the firm's total funds under management
** Meanwhile, RPL reported more than doubled normalised 1H net profit after tax of A$93.3 million ($66.86 million) and lifted its fully franked interim dividend to 12 Australian cents a share
** Stock down 12.5% YTD
($1 = 1.3955 Australian dollars)
(Reporting by Kumar Tanishk in Bengaluru)
((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk http://www.x.com/thatstanishk;))
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