KPMG will sell the business to OneVue, which said that the acuqisition will double its scale, funds under administration and super member administration revenues.
At the time, the company said that in order to prevent similar pricing errors in the future, shareholders should expect an increase in staff expenses as part of increasing resources in operational, risk and compliance roles.
The Federal Court decision has thrown into question the tax treatment of limited partnerships, the preferred vehicle of funds managers globally, when investing in Australia.
The finalisation of the Determinations in this form is surprising, given that this view appears to be contrary to the established view of many in the market who have utilised foreign trust structures in a funds management or cross-border investment contex
As record stockholder, PCD Nominee held 968.027 million BPI common shares, or 24.575 percent, for foreigners, and 395.461 million BPI common shares, or 10.04 percent, for Filipinos.