Terminal date for Perpetual fund

Perpetual Trustees  said it will close its Term Fund, with assets of only $50 million, the Sydney Morning Herald reported. The fund is one of scores affected by a loss of investor confidence in the sector late last year and exacerbated by the guarantee on bank deposits.

Investors in the Term Fund will receive about 20 per cent of their deposit back in two months time. Perpetual will return the remainder over the next two years as borrowers repay commercial loans.