Good evening,

Mike Hill’s Bombora Investment Management has been out shopping for a new responsible entity service provider, while its growth fund remains frozen and dips to a negative 11.6 per cent return for the past year.

Street Talk understands the pre-IPO fund manager has tapped smaller outfit Quay Fund Services to take over as the responsible entity for its funds from Evolution Trustees, hired just a year ago. It will soon put an extraordinary resolution to its investors to vote on the proposal.

Sources close to the company described the switch as routine, backed by all parties and unconnected to the ongoing redemption freeze at Bombora’s Special Investments Growth Fund. Evolution is understood to be keen to chase larger funds while Quay is seeking to build a business of smaller, boutique funds – of which Bombora fits the category.

However, others said the change raises potential red flags, given it comes a year after Bombora linked with Evolution and while the fund remains frozen. Bombora froze redemptions from its main fund in September as funding markets remained shut for pre-IPO companies, as revealed by this column. It told clients it planned to review the arrangement in March, with the freeze expected to stay in place until June, but a May update revealed redemptions would be suspended to September 2024, subject to review in June.

Read the full story tomorrow and more on the Street Talk page.

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