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Regal Partners hedge fund CIO Phil King to retire, shares slide
King co-founded Regal in 2004 and oversees a role tied to about 16% of the firm’s funds under management, with his transition set to run until at least June 2027.
Phil King, one of Australia’s best-known hedge fund managers and chief investment officer for Regal Partners’ long-short equities business, is preparing to retire from the listed investment firm, according to a Bloomberg report cited by Hedgeweek.
Regal shares fell as much as 10% after the announcement before recovering some ground, trading about 3.5% lower in afternoon Sydney trading. King said in a statement that his retirement process would be staged, and he will remain in his role until at least June 2027 as the firm transitions responsibilities.
King is directly responsible for about 16% of Regal’s funds under management, a change that comes as the firm manages about AUD21.4 billion across listed equities, alternatives, credit, and real assets, Hedgeweek reported. Regal also posted around AUD1.4 billion of net client inflows across strategies over the six months to the end of June.
The succession plan follows a difficult period for Regal, including a write down of a AUD200 million investment in Opthea to zero after a failed eye-treatment drug trial. The firm has also faced regulatory scrutiny tied to alleged violations of short-selling rules in South Korea, and it was cleared in Australia in 2021 in a separate matter involving market manipulation allegations.