Late Monday, an announcement was issued by Bridging Finance Inc.’s Concerned Unitholders Branded group, calling for a separate investigation into the sales process.
In June 2021, the group called on the CSO and PwC to “ensure an orderly and transparent sale of bridging and/or its funds, given the multiple credible expressions of interest received to date and the need to protect the interests of bridging’s unitholders”. Given that,” it added that “bridging and/or the immediate sale of his funds to a qualified fund manager is critical to ensure that unitholder value is not reduced.”
The group’s latest communication shows that they do not believe the process is being handled correctly. He believes that “PwC is trying to insert itself as an alternative for investors to close the fund while accumulating exorbitant fees over 5 years and causing extensive damage to the portfolio. “
Wealth Professionals has contacted PwC for comment on the group’s views.
BlackRock best choice?
Unitholders Group maintains that a proactive private debt manager is in the best interest of investors.