'It’s not the first mistake I've made': Regal's Phil King lifts the lid on Opthea debacle
The hedge fund manager says there have not been redemptions as a result of its bungled biotech bet, and in fact it has experienced inflows.
Regal Partners' star stockpicker Phil King says the write down of its biotech investment Opthea to zero has not resulted in outflows from its funds.
At the Macquarie Conference on Tuesday, King took responsibility for the $220 million misstep as he identified opportunities to grow his listed asset manager beyond its $16.5 billion funds under management.
“I'm not aware of any redemptions as a result of that, and we've had some very pleasing inflows,” he said, confirming the fund had received $60 million in April inflows following the incident.
“We've learned loads of lessons from that, lessons around investing, lessons around risk management, and we're moving forward. It’s not the first mistake I've made, it won’t be the last and it certainly doesn't change our process.”
