TLS 0.48% $3.15 telstra corporation limited.

Future Fund trims Telstra stakeBreaking newsBy a staff...

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    Future Fund trims Telstra stake

    Breaking news

    By a staff reporter

    The Future Fund has started to sell down its 16 per cent shareholding in Telstra, with investment bank UBS seeking to place up to 500 million of the fund’s Telstra shares, worth about $1.75 billion, with institutions.

    The sell-down is part of a well-flagged re-balancing of the Future Fund’s $60 billion investment portfolio. The fund inherited the Telstra shares as the residual government shareholder from the T3 sales process.

    Until last November the shareholding was in escrow and therefore the fund was unable to deal with them. The fund’s chairman, David Murray, has however made it clear that the funds’ 'guardians’ wanted to reduce the over-weight position in the telco, which had been weighing down the performance of the fund, as soon as practicable.

    The fund last month appointed a senior former UBS investment banker, Chris Blyth, as a director to the holding company containing its Telstra shareholding to advise it on strategies for reducing the stake.

    The recent release of Telstra’s results for the year to June, and some strengthening in the Telstra share price, created a window of opportunity for the sale.

    The fund played a major role in the restructuring of the board and senior management of Telstra that included the departures of former chairman Donald McGauchie and chief executive Sol Trujillo after they resisted its pressure to engage with the Federal Government over its proposed national broadband project.
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