It happens in the best of place - ANZ to close fund after $100m lost

ANZ Australia is moving to shut down a crippled private equity fund as it seeks to end a six-year saga that has cost the bank more than $100 million.

ANZ last week appointed Sal Algeri of Deloitte to liquidate part of the ANZ Business Equity Fund, which has accumulated losses of $62.9 million.

Mr Algeri will wind up the company portion of the fund. Responsibility for selling off its few remaining assets has been moved to a different bank entity, ANZ Specialist Asset Management ... READ MORE

Released by the Sydney Morning Herald - 16 June 2012